Memorandum of understanding between the Competition and Markets Authority and the Gas and Electricity Markets Authority – Concurrent Competition Powers
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On 18 January 2016, the Gas and Electricity Markets Authority (‘GEMA’) and the Competition and Markets Authority (‘CMA’) signed an updated Memorandum of Understanding (MoU). This sets out the practical detail of how the CMA and Ofgem will work together within the framework of competition law.
The main purpose of this MoU is to establish an understanding between the CMA and Ofgem as to how this closer working will work in practice. It draws on the legislation which sets out the formal framework for how concurrency will operate and also, importantly, sets out our bilateral commitment to look for opportunities to work together, including within the framework of the UK Competition Network, to promote competition for the benefit of consumers. We will do this by the sharing of expertise, information, ideas and experience and each of us will commit to doing this efficiently and with a mutual regard for each other’s statutory position and strategic objectives.
We believe that this MoU offers a valuable basis for that cooperation, in the interests of the CMA, Ofgem, the gas and electricity industries in Great Britain and, most importantly of all, consumers.