There are 16 investigations going on into the sector already: the big-stick approach to market oversight is past due
The Labour party’s plan to give a new energy regulator the ability to revoke the licence of power suppliers has been met with a variety of negative responses. The current watchdog, Ofgem, claims such a move is not needed given the powers already exist, while the energy industry, of course, sees no need for change.
The Institute of Directors believes it is another Labour gimmick that follows last year’s price freeze pledge and will only deter much needed investment. Meanwhile, the Conservative party dismisses the words of Caroline Flint, the shadow energy and climate change secretary, as an attempt to mask Labour’s own failings in dealing with the energy industry when it was in power.