Secretary of State for Energy and Climate Change, Ed Davey said:
“This is tough action based on a detailed, independent expert assessment of the state of competition in Britain’s energy markets - leading to the first ever market reference for the energy markets.
“This is just too important for people to rely on guesses about how to fix the energy markets. If we get it wrong, consumers will pay the price.
“We will give Ofgem and the Competition and Markets Authority whatever support they need to get this done as quickly as possible.
“In the meantime, we’ll keep working to help people pay less for the energy they use - continuing to drive the competition that has seen people switching supplier in record numbers, simpler tariffs and bills, getting energy companies to give back direct debit balances, taking £50 off the average bill and making switching faster and easier than it’s ever been.”