19 December 2011 16:26
Press statement re: Ofgem announcement 19/12/11
Commenting upon the publication of the latest Ofgem market report, Sara Vaughan, Director of Regulation and Energy Policy, E.ON UK said:
"We agree with Ofgem about the benefits of increased transparency in the supply market. It is for that reason that we have placed it at the heart of our Reset Review to ensure the changes we will make are fair, that we are open with our customers and that we work in their best interests. Therefore we welcome the move by Ofgem to issue its market report on a more regular basis to provide a less disjointed view of movements in costs.
"Looking at margins across the whole year will help provide a more balanced picture, which is essential in light of the steep changes in the wholesale cost of energy and the volatile nature of the market which cause margins to vary both up and down. We would also like to work with Ofgem to help them provide a better reflection of true margins earned by adapting their methodology by, for example, including all tariffs, allowing for discounts applied and using more accurate consumption figures.
"It is important that we all take responsibility for the loss of trust that has undoubtedly occurred between customers and the industry. We look forward to working with leading consumer advocacy groups, business leaders, the regulator and most importantly directly with our customers to make changes that will help us to earn the trust of our customers once more."
Ends.
Notes to editors:
E.ON is one of the UK's leading power and gas companies - generating electricity, and retailing power and gas - and is part of the E.ON group, one of the world's largest investor-owned power and gas companies. E.ON employs around 12,000 people in the UK and more than 79,000 worldwide;
In the UK, E.ON supplies power and gas to over five million domestic, small and medium-sized enterprise and industrial customers. E.ON also offers innovative energy services and technologies tailored to meet its customers' needs, and is helping customers become energy fit by encouraging them to insulate their homes, moderate their energy usage and even generate their own power;
E.ON generates electricity from a mixture of fossil and renewable sources. It has world-class gas-, coal- and oil-fired power stations, onshore and offshore wind farms and is a market leader in combined heat and power (CHP). It is one of the UK's leading green generators with 21 wind farms and the UK's first wave power generator, with another 1,500MW of renewable capacity under development.
For more information contact:
Scott Somerville on 024 7618 3438