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Ofgem suggests shakeup of energy market

Energy regulator Ofgem has issued a report which contains radical suggestions for the future of UK energy market. The two main suggestions revolve around tenders for energy capacity and renewable energy generation although there is a more radical possibility in the background regarding the creation of a central energy buyer for the UK energy market as a whole.

The truth is the UK energy market is now at the beck and call of overseas parent companies and overseas suppliers who have invested heavily into the UK. We have seen UK energy prices moving higher and higher over the last few years and indeed gas prices are set to hit all-time highs in the first quarter of 2010. The government has now been forced to look into the energy market in more detail because ultimately it is starting to impact upon the cost of living and the cost of business.

Ofgem has made a number of suggestions regarding the future although how they will be received by energy companies remains to be seen. However, one thing is for sure, the UK energy market will need to address renewable and low carbon energy sources in the future if it is to hit various targets set by the EU and international associations.

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