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11

British Companies Lobby Gas Prices Regulation

British companies are to lobby the EU the deregulation of Europe's gas market

British companies are to lobby the EU in an attempt to speed up deregulation of Europe's gas market, amid concerns over rocketing energy costs, BBC World news reported.

The industry says the sharp rise in prices is partly due to gas imported from Europe being more expensive because of a lack of competition.

Dwindling North Sea gas reserves have left Britain more dependent on imports.
British Gas, Tesco and British Sugar are among those going to Brussels to press their case on Monday.

Energy regulator Ofgem says the lack of competition in Europe is causing gas to become more expensive.

BBC business correspondent Patrick Bartlett said the industry has partly blamed the sharp rise in household energy bills on the price it now pays to buy gas on the European wholesale market.
He said France is seen as the worst offender, with the French power group Electricit' de France (EdF) having a near-monopoly.

Germany is also dominated by regional giants, despite liberalising its power market on paper.