CMA will ‘clear the air’ and make way for better trust, says EDF Energy boss

EDF Energy chief executive Vincent de Rivaz expects the provisional findings of the Competition and Markets Authority (CMA) investigation into the UK energy market to create a foundation for building trust.

Speaking at EDF Energy’s Talking Power conference in London today, de Rivaz said that he is “sure” the CMA will give the energy market a “clean bill of health”.

Referring to its scrutiny of the wholesale and retail markets and the impact of vertical integration of energy prices, de Rivaz said: “I think these findings will demonstrate that the situation is not problematic in all these big areas.”

“However,” he added, “it is clear that there is more we can to on the residential side and the micro business side to help or customers to be more engaged.”

De Rivaz said: “For me the outcome of this investigation must be to create the opportunity for more trust in our industry, more trust in us as energy suppliers.”

He clarified that improving trust is essential if customers are to “connect to the low carbon future” and understand the role of new technologies both in facing the challenges of decarbonisation, and in making their experience of energy consumption better.

Creating better trust represents a “formidable opportunity” emphasised de Rivaz.

Vincent de Rivaz also touched on progress towards a final investment decision for Hinkley Point C in his conference session.

He assured that “huge” progress is being made on the “long journey” toward the finish line for the new nuclear investment.

Asked to put a date on the final investment decision, de Rivaz avoided a direct answer by referencing the long timescales still ahead for both build and operation of the plant and commented “So, we are working on a scale which makes me pretty relaxed as to whether it is two, three, four or five months” before the deal is absolutely agreed.