UK Energy Bills Face Overhaul İn 1st Wave Of Reform

British energy companies will have to simplify their billing structures under plans announced by Ofgem, making it easier for consumers to compare prices and overhauling a system the regulator believes is stifling competition.

Ofgem, unveiling what it says will be the first of four waves of reform, also released data showing recent price hikes mean the profit electricity and gas suppliers can expect to make from each household had soared in recent months.

Publication of the proposed reforms coincided with comments by World Climate Service's senior meteorologist Richard James who told Reuters Britain was set for a third successive winter of unusually cold and snowy weather.

The energy market regulator's strongly worded statement also chimed with recent speeches by senior members of the government who are under pressure to ease the pain for consumers at a time of high energy costs, spending cuts, rising unemployment and sub-inflation pay rises.

Shares in British suppliers Centrica and SSE initially rose as investors focused on near-term prospects of bumper profits in the second half of this year but then dipped into negative territory as analysts flagged the mounting political risk faced by the companies.