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There were five contingency units to call on last winter as the energy market reeled from the impact of Russia's war in Ukraine. The National Grid Electricity Systems Operator (ESO) has confirmed it will have no coal-fired power as back-up this winter, if needed, to help keep the lights on. Read more on this story from business reporter James Sillars. The Financial Conduct Authority has agreed to report by the end of July on how the savings market is operating to ensure higher interest rates are passed on to savers.Īfter the meeting, Mr Hunt said he would keep a 'watchful eye' on firms' activities but was 'pleased' he had secured an agreement.

Ofgem will ensure suppliers are passing falling prices on to customers and keep the price cap formula under review.Water watchdog Ofwat will crack down on companies that are not going far enough to support struggling customers to pay their bills, get help and repay debts.It will also 'take action to push' suppliers that do not have social tariffs to offer them.Ofcom said it will urge telecoms firms to take immediate steps to raise awareness of social tariffs and drive consumer take-up.It will provide an update on the housebuilding market study and work in the rented accommodation sector in August.It will also bring forward an update on competition and unit pricing in the grocery sector to earlier in July than planned.The CMA will publish a review of fuel pricing on Monday, examining the profit margins in supermarkets and other fuel retailers.The crisis talks followed accusations firms could be profiteering through price hikes. The Competition and Markets Authority (CMA) and the regulators for the energy, water and communications sectors all faced questions from Jeremy Hunt at Number 11 Downing Street about what they could do to help lower prices. The chancellor today called in the chiefs of the main economic regulators for crisis talks about protecting the public from the impact of high inflation.

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