Meeting of the Parliament 20 December 2017
I made the point in my statement that we have identified a number of stakeholders who are very supportive of the principle of the work. Indeed, Ofgem has been widely quoted as being supportive of our efforts, and that is welcome. I have to remind myself that it has been only 71 days since the announcement in October, so it is perhaps not reasonable to expect a blueprint to be provided at this time.
I assure Claudia Beamish and other members who have expressed an interest in the issue, through parliamentary questions and other routes, that fuel poverty is a key driver behind why we are trying this approach. We obviously have an interest in protecting consumers. Innovative ideas around price caps and other measures have been put forward but, in isolation, we think that they may not be successful. Competition in the market has increased over recent years and the sheer market dominance of the big six energy companies has slipped back from 98 per cent in 2013 to about 80 per cent today. That is thought to be one means by which downward pressure can be maintained on prices. I am happy to engage with Claudia Beamish as our plans develop.