News — Watchdog
UK energy market to be investigated by the new competition watchdog
Competition and Markets Authority Energy prices Oligopoly Watchdog
This week Ofgem reported its findings on the state of the UK energy market, and concluded that there was sufficient evidence for a referral to the new Competition and Markets Authority (CMA), including excess profits, soaring prices (which increased by 24% between 2009 and 2013 – 10% above the CPI), and increasing consumer distrust. This assessment was jointly undertaken by Ofgem, the OFT and the CMA.
New watchdog announced
The Department for Business, Innovation and Skills (BIS) has announced its plans to create a new competition watchdog, the Competition and Markets Authority (CMA), which will replace the Competition Commission as well as take over the all competition functions of the Office of Fair Trading (OFT.