Ovo Energy boss 'confused' by larger firms' price rises

The managing director of Ovo Energy - one of the smaller brands on the market - has told MPs that he is confused by other firms' explanation for higher prices.

The energy companies have been called in front of the Energy and Climate Change Committee (ECCC), to justify recent price rises.

But Stephen Fitzpatrick told the committee that wholesale gas has actually got cheaper: "The most expensive price we've paid for wholesale gas in the last four years was in May 2011 and since then it's been [less]."

Mr Fitzpatrick continued, "I've been somewhat confused by looking at the explanations for the prices rises... because we don't see nearly the same impact ,especially on wholesale commodity costs."