The boss of the UK's second largest energy supplier SSE has said that he overhauled the way the company buys and sells its electricity because he wanted to end "predatory pricing" and win back public trust.
The UK's second largest energy supplier, SSE is promising the biggest change in the electricity market in a decade when it begins offering its electricity for sale to any household supplier later this week, reports the Financial Times.
The UK has unveiled sweeping energy market reform proposals to incentivize the £110 billion ($173 billion) investment in new power stations and grid upgrades that is needed by 2020. Nuclear power is a clear winner, but the proposals sound the death knell for Britain’s free market model.
Greg Clark is the UK’s shadow secretary of state for Energy and Climate Change. He entered Parliament as MP for Tunbridge Wells in 2005, having previously worked for the Boston Consulting Group. With opinion polls pointing to a Conservative Party victory in the upcoming general election, widely expected to be held on 6 May, Deputy Editor Tim Probert caught up with Clark at Westminster.
After the credit crunch comes the power crunch. Most of Britain’s aged coal and nuclear plants are scheduled to be decommissioned over the next decade and the lost capacity is not being replaced fast enough. Earlier this month, the country’s statutory energy markets regulator Ofgem released a report calling for fundamental market reforms to mitigate the pending ‘energy gap’.