14:38 30 October 2013
So far, four energy companies have confirmed a 9.1per cent average price increase. Others are expected to follow. Because of this, the bosses of the six largest firms in the UK were summoned in front of the committee to provide explanations in regards to their actions.
Tony Cocker (pictured), the chief executive of E.On, one of Britain’s largest energy companies, confirmed that he had written to David Cameron to suggest a full investigation into the whole energy market. This suggestion was also made by another energy company, EDF, earlier this month.
Speaking in front of MPs on the Energy and Climate Change committee, Mr Cocker said: "We need to have a very thorough Competition Commission inquiry.”
Andrew Wright, the acting head of the regulator, Ofgen, said: "We will look at all aspects that affect competition in the market.”
Meanwhile, Centrica, the parent company of British Gas said that investigation is not needed. A spokesperson said: "We believe it unnecessary as the market is competitive."
There have been numerous inquiries into the energy market and none have found any evidence of anti-competitive behaviour.
"However, if it'll take another inquiry to improve trust then we are supportive."
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