The energy industry is facing fresh calls to restrain the increases in the cost of heating, gas and electricity. A committee of MPs was set to investigate the level of competition within the energy supplying sector. This investigation is part of a wider range inquiry following recent string of announcement by four of the large energy companies of double digit increases in the cost heating and energy, which put further pressure on the population in general and the poor in particular.
Peter Luff MP, the committee’s Chairman, said: “The continuing controversy over the prices of energy is an issue that demands to be addressed.
“It is a complicated, yet vital issue that affects everyone around the country including individual consumers, households, businesses and major energy users.”
Energywatch, the consumer group has welcomed the move and supported the goals of the committee.
Adam Scorer from Energywatch said: “Energywatch has been expressing its concerns that the energy markets have serious problems with the way they work”
“This inquiry will provide some clear thinking for consumers regarding the energy markets and whether it lets them down and what has to be happen to fix it”
It is important to highlight that recent investigation undertaken by OFGEM, the industry regulator found no reasons to believe there is collusion between the large energy firms on issues of energy prices.
The recent increases in the price of heating and energy has put pressure directly and indirectly on the economy. As more money is spent on heating the home there is less money left for other items such as home improvement, boiler replacement and the like. Plumbers and heating engineers are saying that there is evidence of slow down in the number of boiler replacement and boiler upgrade jobs they do. The plumbers comment that the slow down is not only evident in boiler related jobs but also with higher value items in the renewable energy category such as solar water heating systems, heat pump systems and bio mass boilers.