Consumer group cheers Ofgem energy market probe
Consumer groups have welcomed the energy watchdog's decision to launch an investigation into the gas and electricity markets in the face of across the board double digit price increases from providers. Ofgem's probe will seek to establish whether the structure of the market is conducive to competition between providers and examine the relationship between wholesale and retail energy prices. The investigation comes at a time of mounting consumer concern over rising energy prices after British Gas, npower, Scottish Power and EON all confirmed they would be raising their tariffs by an average of 15 per cent. Adam Scorer, director of campaigns at consumer group Energywatch, welcomed Ofgem's investigation and expressed the hope it will go some way towards ensuring consumers are better served by providers. He told BBC Online: "Consumer concerns have demanded this sort of response. We hope it will shed light on how the energy market fails consumers and what can be done to fix it." Controversy over the increased tariffs flared up anew yesterday in the wake of British Gas confirming it had posted an annual operating profit of £581 million.
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