Centrica plc notes the publication today of the Provisional Decision on remedies by the Competition and Markets Authority (CMA), in relation to its investigation into the UK energy market.
Centrica has contributed constructively to what has been an in-depth and challenging investigation by the CMA, and will continue to do so. Although the UK market is already very competitive, we believe that, provided they are implemented thoughtfully, the majority of the CMA’s proposed remedies which seek to promote competition and drive innovation should further enhance competition and benefit our customers.
We continue to disagree with the CMA’s findings that customers historically could have been overpaying by about £1.7 billion a year.
We note that the full report will be made available in due course and we will need to review the detail carefully. The specifics of the design of the proposed remedies and the way in which they are implemented will be critical in determining the degree to which they will benefit customers.
Iain Conn, Chief Executive of Centrica plc, said:
“We have provided strong evidence to the CMA that the UK energy supply market is competitive and achieving positive outcomes for consumers.
“Delivering for our customers is at the heart of what we do at Centrica. We are determined to ensure that our company, and the market in which we operate, best serve energy consumers. That’s why Centrica offers competitive pricing, is investing in service and is leading the market in innovations to put customers in control of their energy usage and bills.
“The CMA’s proposed remedies are now subject to consultation. We believe that, provided they are implemented thoughtfully, the majority will benefit our customers. We will work through the full report once we have it and submit a formal response in line with the required timetable.”