Features.(Office of Gas and Electricity Markets energy regulation)

Does the Commission mean business? Ofgem chief executive Alistair Buchanan insists that it does. He argues that there has been a convergence of events, and he lists them: security of supply (compounded by concerns about Russia) the low-carbon agenda and a chief in Brussels in the competition directorate who is comfortable tackling the major companies head on.

Transparency is also an issue. The UK gave evidence to the Commission, courtesy of Ofgem and large energy users, that we knew what was happening in our sector in the North Sea. On mainland Europe the picture was very different: precious little detail on contract structures and a chronic lack of information about storage and flows.

Buchanan says that in recent months there have been what he calls "some dramatic events". Again, he gives chapter and verse: "Fluxys has opened itself up: it has given us information for the first time ever ahead of this winter. In France we now have GDF storage data. In Germany, Eon Ruhrgas is almost falling over itself to prove its so-called market credentials. It's created the H trading hub in northern Germany, it's offered its trading floor free to third parties. Germany has completely reformed its entry and exit regime. So on the market side, German companies have moved dramatically compared to where they had been. All the big companies are facing 20 per cent cuts in their transmission charges."

As for the Commission's aspirations, Buchanan argues that Kroes has already got a long way just by dint of the threat of what she might do.

"I think there are two reasons she didn't name and shame last ...