Ofgem is the energy market regulator that is supposed to be examining what it is that is going well or badly in the market. But it doesn’t seem to be doing the greatest job. This week we will hear more details about the annual competition test announced by David Cameron at PMQs last week, but the problem is that Ofgem has only just concluded an examination of this anyway. That review of the retail energy market took two years and published a series of rule changes in June 2013. The changes were designed to address ‘widespread consumer confusion over energy tariffs, poor supplier behaviour and lack of transparency which is stifling competition’.
The main difference between the review that has concluded and the new ‘annual competition test’ is that the Office of Fair Trading and the Competition and Markets Authority are also working with Ofgem on the test.
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