OFGEM vows to ‘break stranglehold’ in energy market after getting new powers
Although UK’s energy market is currently dominated by the six major suppliers (Centrica – British Gas, E.ON, SSE, Npower, EDF and ScottishPower), it seems that market regulator OFGEM is keen on changing that, by imposing a specific framework of rules designed to bolster fair trade and competition.
According to a news report on this matter, OFGEM plans to set regulations that would coerce large suppliers and generators to trade fairly with smaller players or face cash penalties. Such measures would bolster the level of competition on the market, allowing smaller suppliers to offer better deals to their own customers.
It seems that the major firms will have to sell power at a fair price and negotiate fairly at all times, not to mention the fact that they’ll also have meet deadlines for request acknowledgements.
Furthermore, the regulator wants to impose an obligation that will require the big six companies to post the prices at which they will buy and sell power up to two years in advance, which should deliver a greater level of transparency for the spot market and will also make it easier for independent firms to buy power for their customers.OFGEM vows to ‘break stranglehold’ in energy market after getting new powers
Naturally, it remains to be seen just how the big energy suppliers will react when faced with these new regulations, and whether end-customers will actually benefit, by getting smaller energy bills.
However, it you’re seriously considering the implementation of a certified system that will allow you to save up to 30+% on your energy bills, then look no further than HeatingSave.
The HeatingSave Building Energy Management System manages to achieve some pretty impressive savings by optimizing the energy consumption levels within any building with the help of an advanced heat-loss algorithm that creates a specific profile for any building and based on that, switches heating on later if its warm and off earlier if its cold.
It also automatically adjusts your boiler depending on how warm it is outside – save up to another 10%.
Furthermore, the system also offers an advanced automatic occupancy detection system that allows the temperature to reduce to a background when areas are not used and quickly brought up to temperature when they are being used.
If you’d like to find out more about the HeatingSave Building Energy Management System, then simply contact our dedicated product team, they’ll help you get all the necessary information and answer all of your queries.