British firms concerned about rising energy costs, urge EU for deregulation |
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Published
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Mon, 17 Oct 2005 13:05
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LONDON: A group of British firms are planning to approach the EU for a speedier deregulation of Europe’s Gas market. The group includes British Gas, British Sugar and Tesco who are concerned about the rocketing energy prices and feel an open market would ease the pressure on the UK’s energy sector.
Britain’s dependence on imports has increased ever since its gas reserves in the North Sea started dwindling. Lack of competition and a near-monopoly by the French power company Electricité de France (EDF) have made imported gas more expensive for Britain. Hopes for supply to begin from the £6 billion pipeline that connects Britain to Europe are still too premature as it cannot be advanced from its 2007 scheduled commencement.
Energy bills have been shooting up even as consumers’ protests grow louder. Regulator Ofgem’s explanation that imported energy was more expensive has done little to pacify disgruntled consumers who are quite used to switching suppliers to save on energy costs.
If the EU steps up its investigation into the anti-competitive practices in Europe and waves the green flag to deregulation, things might improve. Otherwise, we may find Christmas more expensive this year.
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