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Energy Prices, Profits and Poverty

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Energy Prices, Profits and Poverty House of Commons Energy and Climate Change Committee Energy Prices, Profits and Poverty Fifth Report of Session 2013–14 Volume I Volume I: Report, together with formal minutes, oral and written evidence Additional written evidence is contained in Volume II, available on the Committee website at www.parliament.uk/ecc Ordered by the House of Commons to be printed 16 July 2013 HC 108 [Incorporating HC 1060, Session 2012–13] Published on 29 July 2013 by authority of the House of Commons London: The Stationery Office Limited £27.30 The Energy and Climate Change Committee The Energy and Climate Change Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of the Department of Energy and Climate Change and associated public bodies. Current membership Mr Tim Yeo MP (Conservative, South Suffolk) (Chair) Dan Byles MP (Conservative, North Warwickshire) Barry Gardiner MP (Labour, Brent North) Ian Lavery MP (Labour, Wansbeck) Dr Phillip Lee MP (Conservative, Bracknell) Rt Hon Peter Lilley MP (Conservative, Hitchin & Harpenden) Albert Owen MP (Labour, Ynys Môn) Christopher Pincher MP (Conservative, Tamworth) John Robertson MP (Labour, Glasgow North West) Sir Robert Smith MP (Liberal Democrat, West Aberdeenshire and Kincardine) Dr Alan Whitehead MP (Labour, Southampton Test) The following members were also members of the committee during the Parliament: Gemma Doyle MP (Labour/Co-operative, West Dunbartonshire) Tom Greatrex MP (Labour, Rutherglen and Hamilton West) Laura Sandys MP (Conservative, South Thanet) Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available via www.parliament.uk. Publication The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. All publications of the Committee (including press notices) are on the internet at www.parliament.uk/ecc. A list of Reports of the Committee in the present Parliament is at the back of this volume. The Report of the Committee, the formal minutes relating to that report, oral evidence taken and some or all written evidence are available in a printed volume. Additional written evidence may be published on the internet only. Committee staff The current staff of the Committee are Sarah Hartwell-Naguib (Clerk), Liz Bolton (Second Clerk), Dr Alfred Gathorne-Hardy (Committee Specialist), Tom Leveridge (Committee Specialist), Luanne Middleton (Inquiry Manager), Shane Pathmanathan (Senior Committee Assistant), Jonathan Olivier Wright (Committee Assistant), Joe Strawson (Committee Support Assistant), Nick Davies (Media Officer) and Constantinos Regas (Scrutiny Unit). Contacts All correspondence should be addressed to the Clerk of the Energy and Climate Change Committee, House of Commons, 7 Millbank, London SW1P 3JA. The telephone number for general enquiries is 020 7219 2569; the Committee’s email address is [email protected] Energy Prices, Profits and Poverty 1 Contents Report Page Summary 3 Glossary 5 1 Introduction 7 2 Energy prices 8 Rising energy prices 8 Driving factors behind price rises 9 Wholesale cost of fuel 11 Costs of supply – transmission and distribution 12 Costs of energy and climate change policies 13 Supplier operating costs and profit margins 15 Communicating reasons for price rises 16 Government and regulatory action 16 Energy company action 18 A failure to communicate 20 Ensuring a competitive retail market 22 Market competitiveness 23 Measuring competitiveness 24 3 Profits 26 Energy company profits 26 Company structure 27 Increasing transparency of energy company profits 29 Consolidated Segmental statements 29 Supply Market Indicators 38 REMIT 41 4 Fuel Poverty 45 Measuring fuel poverty 45 Current and new definition of fuel poverty 45 A better definition? 47 The role of data-sharing 50 Need for urgent action 51 Fuel poverty policies 53 Efficacy of fuel poverty policies 54 Closure of Warm Front (WF) 55 The Energy Company Obligation (ECO) 56 Rural fuel poverty 57 Use of levies on bills 58 Ways to protect the fuel-poor from impact of levies 61 Reinvesting revenues in energy efficiency programmes 62 Government spend on fuel poverty 63 2 Energy Prices, Profits and Poverty Delivery of fuel poverty policies 65 5 Conclusion 69 Recommendations 71 Annex 77 Formal Minutes 97 Witnesses 98 List of printed written evidence 99 List of additional written evidence 99 List of Reports from the Committee during the current Parliament 100 Energy Prices, Profits and Poverty 3 Summary Rising energy prices are a worry for households across the UK. Since 2007 average prices of gas and electricity have risen by 41% and 20% in the UK in real terms, according to DECC. This has had an adverse impact on fuel poor households and thrown Government targets to eliminate the problem by 2016 off-course. The main driver behind energy price rises has been wholesale gas and electricity costs, but network charges, energy and climate change policies, and company costs and profits also contribute. In future, DECC estimates that its energy and climate change policies will add 33% to the average electricity price paid by UK households in 2020, in addition to any potential wholesale price rises. The Department maintains, however, that household bills will be lower than they would otherwise be in the absence of policies. The six largest energy companies argue that the majority of these costs behind price rises are outside their control. However, these energy companies are complex with several different arms performing different roles – generating, trading and supplying energy. The complex vertically-integrated structure of these firms makes it difficult to determine where profits and losses are being made within them and how they might relate to recent energy price rises. Despite huge turnovers, and in some cases large profits, the six largest energy companies have made significantly different levels of profit and loss between the supply and generation parts of their business. The actual level of profit in, for example, the energy supply arm is therefore difficult to establish. Greater transparency is urgently needed to reassure consumers that high energy prices are not fuelling excessive profits. One thing is clear; energy companies have been poor at communicating with their customers. Confusing bills, complex tariffs and a lack of transparency around profit margins have fuelled deep mistrust among consumers. Some energy companies deserve praise for the recent improvements they have made to simplify bills, but we remain concerned that efforts are falling far short of what is required to improve transparency, increase competition and enhance consumer trust. It is disappointing, for instance, that the big energy companies have not gone to greater lengths to explain the reasons behind price rises. Regulatory intervention is now needed to deliver meaningful change. Ofgem is failing consumers by not taking all possible steps to improve transparency and openness in the energy market. That the regulator has not taken up accountancy firm BDO's recommendations to improve energy company reporting or listened to criticism over Supply Market Indicators is astonishing and lays it open to criticism that it is unwilling to use the teeth it has. Considering consumers’ lack of confidence in energy companies, Ofgem should consider whether the transparency to be gained by implementing BDO’s recommendations outweighs the costs involved. Increasing transparency and simplifying bills would help to improve the currently low level of competition. Increased competition is one of the best ways to ensure customers were paying a fair price for their energy. Ofgem has the power to make the changes necessary to improve competition through the licensing conditions it sets for companies. If it fails to 4 Energy Prices, Profits and Poverty act, the Government must stand ready to use any new statutory powers it has under the forthcoming Energy Act to compel greater transparency from energy companies. The Government must not forget that rising prices are exacerbating fuel poverty. Energy is becoming increasingly unaffordable for low-income families living in poorly insulated and inefficient homes. Yet just as the situation for the most vulnerable is worsening, it appears that fuel poverty policy has effectively been frozen. Spending on the problem has been cut in England and some of the Government’s fuel poverty programmes appear to be in hiatus. The use of levies on bills to fund social and environmental programmes will add to the burden faced by energy bill payers, particularly in low-income households. Public spending is less regressive than levies in this respect. If Government is to continue raising levies in this way, it must ensure that the public understands the different components of an energy bill and how these relate to policy costs. Ministers have been unacceptably slow to respond to the Hills Review and take action to stem the problem. It is imperative that the Government’s new fuel poverty strategy, expected at the end of this year, is not delayed any further. It should be published and implemented as an urgent priority. Energy Prices, Profits and Poverty 5 Glossary Arbitrage: The practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices. Distribution charges: The cost of building, maintaining and operating the local gas pipes and electricity wires, which deliver energy directly to your home. Suppliers are charged for this, and usually pass on these costs in the price they charge retail customers for energy. Exchange: Bring together brokers and dealers who buy and sell products in an organized market. Liquidity: In the case of a market, a stock or a commodity, the extent to which there are sufficient buyers and sellers to ensure that a few buy or sell orders would not move prices very much. Some markets are highly liquid; some are relatively illiquid.
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