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Ofgem highly critical of UK energy companies

Ofgem has this evening attacked UK energy companies suggesting that a lack of investment could see the UK short of energy supplies by 2020. In addition to the radical proposal to create a state owned company to acquire energy, which would then be distributed to UK energy users, Ofgem has finally admitted that the decade-old free-market approach in the energy industry is not working.

It looks as though the UK government will back Ofgem with legislation which would set minimum supply obligations for energy companies operating in the UK market. This would ensure no future shortage of energy to UK consumers or the business market and avoid the reduction in gas supplies we have seen in recent weeks. As we approach the next general election it seems almost certain there will be delays regarding the imminent introduction of a new regulations but hopefully the next government will pick up the baton.

It seems almost inevitable that the UK energy supply market is set for yet another revamp after the introduction of the "free market" just over a decade ago. Quite what impact of form this will take in the short to medium term remains to be seen but the recent lack of gas supply to the UK shocked many consumers, businesses and MPs.

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