Reuters: Regulatory News: Britain's Ofgem to create fairer energy market

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Britain's Ofgem to create fairer energy market Oct 19th 2012, 06:25 LONDON | Fri Oct 19, 2012 2:25am EDT LONDON Oct 19 (Reuters) - Britain's energy regulator Ofgem said it would ban complex domestic gas and electricity tariffs to create a simpler and clearer market for consumers, and to increase competition in an industry dominated by six suppliers. Prime Minister David Cameron took the sector by surprise on Wednesday when he said that Britain would introduce laws to make energy suppliers give customers the cheapest tariffs. Energy Minister John Hayes later said the government was only considering introducing such a law. Ofgem said on Friday it was consulting on banning complex multi-tier tariffs, making all tariffs show a standing charge and single unit price, and limiting the number of tariffs each supplier was allowed to offer. It also said all consumers could be given their supplier's cheapest tariff on their bill, and fair treatment would be enforced by the threat of fines.

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