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Electricity

Energy and Climate Change written question – answered on 16th June 2011.

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Photo of Michael Meacher Michael Meacher Labour, Oldham West and Royton

To ask the Secretary of State for Energy and Climate Change if he will bring forward proposals to increase competition in the energy market by limiting the market share of any one company to not more than 10 per cent.

Photo of Charles Hendry Charles Hendry The Minister of State, Department of Energy and Climate Change

We have no plans to take the steps the right hon. Member mentions.

The energy regulator Ofgem already monitors the market closely to ensure market transparency, including reporting quarterly on retail prices and requiring suppliers to publish segmental financial reports. Ofgem has recently consulted on proposals to improve the consistency of these reports.

Ofgem has also put forward proposals to tackle barriers to effective competition (such as tariff complexity and low wholesale market liquidity). In addition Government are cutting red tape for smaller suppliers to boost competition in retail markets.

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