Energy watchdog is ?failing? consumers

Watchdog criticised as ?toothless? by committee of MPs (Picture: PA)

Regulator Ofgem is ?failing consumers? by not taking action to ensure energy profits are transparent, according to MPs.

The Energy and Climate Change Committee (ECCC) report said Ofgem was ?failing consumers by not taking all possible steps to improve openness?.

The committee of MPs criticised Ofgem for having a ?relatively light touch approach and for not fully implementing the recommendations of the accountants it commissioned to improve how energy companies report their profits?.

It said profits made by the ?big six? E.On, SSE, British Gas, Npower, EDF and Scottish Power are ?not excessive? at a time of rising energy costs.

But it added: ?Greater transparency is urgently needed to reassure consumers that high energy prices are not fuelling excessive profits.?

?Ofgem needs to use its teeth a bit more and force the energy companies to do everything they can to prove that they are squeaky clean when it comes to making and reporting their profits,? said committee member John Robertson.

The watchdog said energy suppliers had been ?poor at communicating with their customers??and must be more transparent to?ensure customers do not feel they are paying excessive amounts for their energy,

?Ofgem has made energy companies produce yearly financial statements, which have been reviewed twice by independent accountants and found to be fit for purpose,? said Ofgem?s senior partner for markets, Rachel Fletcher.

Source: http://metro.co.uk/2013/07/29/energy-watchdog-is-failing-consumers-3902255/

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