A major competition inquiry into the 'Big Six' energy firms will be "bad for jobs in the UK, bad for investment and it will do nothing for consumers apart from maybe delay the relentless rise in energy bills until after an election", a union has warned.
The warning from GMB comes after SSE announced yesterday it will cut 500 jobs as part of a cost-cutting programme.
This is designed to kick the issue down the road until after the next election.
The country is in the midst of an energy crisis. Energy bills are going to keep going up. Households will struggle to pay their bills and British industry is losing competitiveness.
The market is being propped up by huge subsidies. Electricity wholesale prices across Europe are dropping. Desperately needed investment has been slashed.
Regulators have called for an investigation into the UK's Big Six energy suppliers amid soaring household bills and rocketing profits.
Ofgem's finding that aspects of energy firms' behaviour "would appear to be consistent with tacit coordination" has been denied by Centrica.
The inquiry into the 'Big Six' energy firms is a significant moment, but don't hold your breath, it will take the best part of two years.