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EXCLUSIVE: Uswitch has urged the energy industry to focus on making the Competition and Markets Authority (CMA) remedies work, or risk going through the investigation process again in the next few years.
“What we really want to see is that the regulator, policymakers and industry really have focused minds to make the CMA remedies actually work,” the price comparison site’s head of regulation Richard Neudegg told Utility Week.
“What we don’t want the situation to be in a few years’ time is that nothing has really changed and we are back to square one.”
The CMA opened its two-year investigation into the energy market after it found a lack of competition and consumer engagement in the market. The final recommendations are expected tomorrow (24 June).
Neudegg suggested Ofgem implement switching targets of 20 per cent by 2018 and 25 per cent by 2020, which is “an achievable level in contrast to other sectors such as car insurance” and highlighted the need to monitor not only switching between suppliers but also switching between tariffs with consumer’s current supplier.
“I think what everybody needs is a way to demonstrate that the remedies being proposed are being implemented and that the market Is moving forward,” he added.
“That will give consumers and industry more confidence that we have really made a difference for competition in the market. I don’t think suppliers will want to go through this process all over again in a couple of years’ time.”
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