The energy industry always seems to be in a state of flux. Technology changes, and it must adapt and embrace or risk being left behind. Market drivers affect prices daily and regulation changes consistently test the suppliers’ and networks’ ability to keep within the rules governing the industry.
The state of the energy market and how competitive it is has been under review by the Competition and Markets Authority (CMA) since June 2014. Their final Energy Market Investigation report was published in June 2016 and gave an overview of the problems the CMA found in the market as well as remedy packages to address these problems, many of which are recommendations to Ofgem. Ofgem has since published their own remedies implementation plan for the changes.
All changes taken forward by the CMA itself and by Ofgem are supposed to keep the market working for the consumer rather than the networks and suppliers, and the deadlines for the implementation of many of these changes are now approaching.
Access to national Gas & Electricity databases will no longer be restricted to suppliers and networks.
Other key industry stakeholders can now make applications to obtain access to key information regarding your supply.
The introduction of Midata to the business energy sector.
The goal is to make switching a smoother, easier and more efficient process.
Termination notices or Auto Roll Over rules are being changed once again for micro businesses.
This change will also impact existing contracts in a positive way for the consumer.
Suppliers will be required to publish their business tariffs on their websites for the first time ever.
Improved financial reporting remedies that the CMA believe will lead to “a robust and independent” market place.
In a series of articles, we will cover some of the major changes and they could affect your business in more depth. In the meantime, if you have any questions, please get in touch.
Find the full reports here: