The "big six" energy suppliers are to face further scrutiny of their finances by energy regulator Ofgem.
The regulator has outlined measures to improve the transparency of the firms' accounts and make it easier for new suppliers to enter the market. The big six are being warned to trade fairly with independent suppliers, or face financial penalties. The firms, such as Eon and British Gas, will have to publish wholesale power prices two years in advance. This will make it easier for small companies to buy energy and then re-sell it to domestic and industrial customers. Andrew Wright, chief executive of Ofgem, said that having changed the rules so consumers can find the best deals, the regulator now wanted to break down barriers to competition for new suppliers. "These reforms give independent suppliers, generators and new entrants to the market, both the visibility of prices, and [the] opportunities to trade, [that] they need to compete with the largest energy suppliers," he said.....Read more here