Ofgem launches energy price probe

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Ofgem's inquiry follows a series of inflation-busting price hikes announced recently by big energy firms.

The regulator has no strong evidence of failure in the gas and electricity market. But it said recent events had damaged public confidence.

Last month Ofgem quashed allegations that energy suppliers were involved in price fixing.

It has repeated its view that there is no evidence of such activity. But it urged anyone with evidence of anti-competitive behaviour by gas and electricity firms to come forward.

Its investigation will include the relationship between retail and wholesale energy prices. UK gas and electricity firms have blamed their recent price hikes on soaring wholesale costs.

The inquiry will be carried out under Ofgem's Enterprise Act powers, with its initial findings due to be published before the end of September.

Ofgem's inquiry comes as British Gas announced a 500% increase in annual profits for its residential arm.

The Centrica-owned supplier revealed that underlying operating profits last year leapt to £571 million from £95 million in 2006, contributing to a 40% surge in group-wide profits.

British Gas announced price hikes for its customers last month of an average 15%, with regional variations for the increases to its electricity tariffs.