Creating sustainable businesses and prices
The energy crisis has brought the industry into sharper focus than ever. Against the backdrop of a challenging economic environment, a desire to move towards a more sustainable, net-zero, future, and the need for a more secure supply of energy, there has never been a better time to reframe the market.
In recent years energy retailers, both new and established, have had to examine the fundamentals of their brand, customer service and use of technology which have undoubtedly redefined customer choice for the better. However, the fall-out and number of business failures we have seen in the energy retail sector has demanded that we look hard at causes, potential solutions, and the need for wide reaching market reform.
We partnered with Utility Week to examine the UK energy market and propose key reforms to enable the energy retail market to deliver for customers and Net Zero.
Key themes from the report
Based on interviews with energy retail leaders, Ofgem, consumer and trade bodies and independent experts conducted in April and May 2022, five key themes emerged:
- Affordability – act before it’s too late
- Regulating for fairness
- What does competition look like in the future?
- Wholesale market reform – sending all the right signals
- Security of supply – moving beyond targets.
The report examines where immediate action can be taken on easing affordability pressures, evolving regulation and wholesale markets and ensuring a healthy, competitive, energy retail market.