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Is Ofgem just a figurehead with no power?

As we covered yesterday, the various energy companies in the UK have come out fighting against accusations from energy regulator Ofgem that customers are being overcharged. Despite the fact that Ofgem has quoted figures from the last three years which show the average profit per dual fuel deal is now £170, against an average of £110 over the last three years, the sector still refuses to budge.

The financial press today is full of scare stories regarding the cost of energy in the UK and the fact that it will almost inevitably rise over the winter months. Many observers fear that Ofgem is nothing but a figurehead and has very little in the way of regulatory power to take any action against the UK energy companies, despite claiming to have evidence that customers are being overcharged.

So far the UK government has made no comment about the fallout and with a requirement to keep energy companies on board for future power plants and other ventures, many believe the UK government will take a back seat on this one.

This begs the question, who is actually looking after the interests of consumers and businesses in the UK?

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