Energy companies inquiry 'potentially watershed moment'

Dual-fuel customers of the big energy firms have missed big savings by not switching suppliers, early evidence from a competition inquiry suggests. The Competition and Markets Authority (CMA) has been investigating the energy market since last summer.

BBC industry correspondent, John Molyan explained the CMA report, that found the savings customers missed ranged from £158 to £234 a year per customer.

The report says that from 2012 to 2014, more than 95% of dual-fuel customers of the big firms would have have saved money by switching tariffs or suppliers.

"We won’t flinch in taking further action, if that is what is needed," said energy secretary Ed Davey.

Shadow energy secretary Caroline Flint said a Labour government would "freeze energy prices from rising and "give the regulator the power to make sure that customers get a fair deal".