The Department of Energy and Climate Change (Decc) has confirmed that the two organisations, along with the new Competition and Markets Authority will scrutinise prices, profits, barriers to new entrants, and how easy it is for the consumer to get the best deal.
Last week, Prime Minister David Cameron announced there would be a “proper competition test carried out over the next year to see if the market can be more competitive”.
Yesterday, Eon UK chief executive Tony Cocker yesterday called for “a very thorough Competition Commission inquiry” into the energy market in front of MPs at the Energy and Climate Change Select Committee (ECCC).
He added that this would help to prove that the market is competitive.
Andrew Wright, the interim chief executive at Ofgem, told the ECCC that a review into competition in the market would be due out in spring 2014.
He said: “We will look at all aspects that affect competition in the market”.