London/ Solihull (19/05/17) – UK Power Reserve welcomes the fact that all the main UK parties have scrutinized the current energy market arrangements in their manifestos. Consumers are losing out because of a lack of competition; the Big Six have dominated the UK energy supply market for years, failing to innovate or invest and using their lobbying might to drive anti-competitive policy measures.
We urge the new Government to continue to strive for policy and regulations which stimulate a vibrant and competitive energy market and which encourage new entrants. In other UK sectors, such as in finance and insurance, we see the benefits of regulation to restrict the bad practices and anticompetitive behaviors of incumbents. This has enabled new entrants, for example in financial technology (‘fintech’) to enter the market and provide consumers with viable and exciting alternatives. We also urge for greater education about and transparency into tariffs on consumer bills, in particular an understanding of the margins that Big Six suppliers are able to command because of ineffective competition at the expense of the billpayer. Recent full-year financial results from several of these companies continue to show that whilst consumers are harder and harder pressed the Big Six continue to see rises in profits.
“The UK is poised to enter a new age of a flexible and smart system dominated by clean renewables and supported by fast ramping, intelligent sources of capacity like small-scale gas engines and battery storage. The Government must put in place policies which keep bills down, achieve its carbon targets in or out of Europe, and keep pace with the amazing realties of technological advances. It’s critical to maintain investor confidence and certainty for new entrants and consumers alike.” CEO Tim Emrich.