Weir Welcomes Committee’s Investigation Into UK Energy Market

Angus MP Mike Weir has welcomed the decision of the Business and Enterprise Select Committee, of which he is a member, to launch an investigation into the possible anti- competitive behaviour in the UK’s Energy market.

Mr Weir had questioned the energy minister Malcolm Wicks on the matter at last week’s committee meeting and has previously voiced concerns about the way the market was operating.

“Recent energy price rises have given rise to serious concerns about the way the UK energy market has operated and whether there are anti competitive practises that work against the interests of the consumer.”

“The question is a complex but vital one that effects everyone in the country, whether as domestic consumers or businesses.”

“There is an urgent need for a full investigation into the matter and I am pleased that the committee has agreed to mount this investigation which, hopefully, will get to the bottom of the matter.”

Ends

Note to Editors

Following its oral evidence hearing on energy prices with the Minister of State for Energy, Malcolm Wicks MP, the Business, Enterprise and Regulatory Reform Committee is today announcing a full scale inquiry into the structure of the energy market. The issues it intends to consider, among others, are:

·               Whether the current market structure encourages effective competition in the retail markets for gas and electricity;

·               Whether there is effective competition in the wholesale markets for gas and electricity;

·               The implications of growing consolidation in the energy market;

·               The relationship between the wholesale and retail markets for electricity and gas;

·               The interaction between the UK and European energy markets;

·               The effectiveness of regulatory oversight of the energy market; and

·               Progress in reducing fuel poverty and the appropriate policy instruments for doing so.