“It ain’t broke, so don’t fix it.” That’s the broad thrust of the evidence the major energy companies gave to the Competition and Markets Authority (CMA), according to the hearing summaries published this week. While the evidence varied in detail, most companies agreed on the major points: there is no abuse of power in the wholesale market; energy companies are making a reasonable return, not profiteering; and retail market reform (RMR) and other regulatory interventions have distorted the market and stifled innovation.
Leader:utilities are still a political football
