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Why are UK energy bills so high?

As we covered yesterday, Ofgem, the UK energy regulator, has warned that UK energy bills could top £2000 a year in the future unless action is taken to fund the £200 billion required to see the UK meet carbon emission targets. There is no doubt that the UK energy market is one of the most expensive in the world and despite variations in gas and electricity prices the general trend in UK energy bills has been higher and higher for many years.

Many people now believe that Ofcom has outlived its purpose and is nothing but a toothless tiger, offering nothing to UK consumers at a time when energy companies appear to be "coining it in". There is a feeling that Ofgem could well be replaced by a stronger regulator in the future unless it can rein in the power of UK energy companies over the next couple of years. UK consumers and UK businesses appear to be paying the price of a "lack of regulation" in the UK energy market which has effectively given energy companies a free rein.

The government has promised on numerous occasions to look into the situation but due to a lack of co-operation from the sector and concern about who will fund future energy supplies, it would appear the UK government is scared of upsetting the various foreign-owned energy companies in the UK.

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