Five years is a long time in politics, it was only back in 2013 that energy
price caps were ridiculed by the Tory Party during the ‘Red Ed’ campaign. But as
increasing media scrutiny has highlighted that consumers are paying hundreds of
pounds a year on the wrong tariff, Tory Party leaders have learned to love
regulation. But with regulation after regulation added to the energy market,
isn’t it time to rethink our whole approach?
From top to bottom the energy market isn’t working. By-in-large, the ‘Big
Six’ continue to operate as regional monopolies. In recent years, a barrage of
headlines focusing on rising energy prices have encouraged more people to switch
tariffs. However, switching has failed to reduce energy prices or cut into
industry profits. Even when customers do switch tariffs, about one-third end up
paying more.
All the best,
Griffin Carpenter
New Economics Foundation | 
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