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Is the UK energy market under regulated?

Despite the fact that the regulatory powers of Ofgem, the energy market regulator, had been "beefed up" over the last few months, there are growing concerns that the UK energy market is under regulated. This comes at a time when UK energy companies are expected to announce record profits with estimates that the top six will announce combined profits of £4.5 billion against £3.9 billion a year before.

Despite the fact that many wholesale energy prices have fallen over the last few months at this point in time the vast majority of the decrease in energy costs has not been passed on to consumers. So despite the UK economy slowly exiting one of the worst recessions since the 1930s it would appear that the energy sector is doing better than ever. Many consumers cannot understand how this particular sector can be performing so well when the economy, businesses and consumers continue to struggle.

In many ways we are starting to pay the price for the deregulation and privatisation of the UK energy sector some time ago. While the privatisation of the sector occurred under a Conservative government there is no doubt that all governments since then have more than played their part in attracting overseas investment and ultimately allowing UK energy companies to be taken over by overseas competitors.

It is now impossible for the government, regulators and energy companies to turn back the clock.

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