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The Competition and Markets Authority (CMA) investigation into the energy market “needs to be completed within a year” to avoid “severe problems”, according to the Scottish energy minister.
In a letter to regulator Ofgem, Fergus Ewing has said that the market investigation must be completed “as soon as possible to secure much-needed energy bill savings for households and avoid worsening the UK’s energy supply crisis”.
He added that a “protracted” inquiry could postpone consumer benefits and “stall vital benefits”.
Ewing warned that while the inquiry is ongoing – a process which is expected to take 18 months – “there will continue to be a lack of clarity on pricing”, affecting both energy security and energy prices.
He added: “It needs to be completed within a year if possible, but we understand the Ofgem believes it may take 18 months to two years for this report to be concluded – and if so that would risk causing itself severe problems.”
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