Flowgroup Regulatory News (FLOW)

Flowgroup plc

("Flowgroup" or the "Company")

Flowgroup welcomes initial findings of CMA report into competition in the energy market

Flowgroup plc (AIM: FLOW), which provides innovative energy technologies, energy supply and energy services, welcomes the initial findings of the Competition and Markets Authority (CMA) report into the competitiveness of the energy market and believes that they are broadly positive for its energy business, Flow Energy.

The senior team at Flow Energy have been engaged with the CMA process from the start of the investigation in 2014 and agree with the majority of the findings, as well as the need to investigate competition in the energy market generally. The Company believes that enhanced competition and the ability for energy suppliers to innovate, two key findings from the report, would allow the energy industry to deliver a better service to customers overall and would give smaller suppliers like Flow Energy the chance to grow more quickly and play a bigger part in effecting the change that, as is now generally agreed, energy customers want to see.

Andrew Beasley, Managing Director of Flow Energy, commented: "We concentrate on delivering the best possible service to our customers at the best possible price by focusing on the customer and being innovative. The CMA report is fairly critical of the opposite approach, where customers suffer from high prices and poor service. We therefore believe that the CMA report can only be beneficial for customers, and particularly the customers of smaller, innovative suppliers like Flow Energy, in focusing on better outcomes for customers by increasing competition and creating the space for suppliers to innovate even more. 

"We look forward to engaging with the CMA through the consultation period following these initial findings, and into the implementation phase, where we will continue to make the case for the importance of smaller suppliers in the energy market. Of course, we believe that suppliers like Flow Energy have already provided customers with the opportunity to save money and enjoy great service so we hope that any customers following the CMA investigation will engage with a competitive market today and enjoy its benefits now."