The Forum of Private Business (FPB) is welcoming a probe into soaring utilities prices. The gas and electricity watchdog Ofgem has launched an investigation into recent price hikes, which will heap even more costs onto many smaller businesses.

The regulator's initial report will be published before the end of September 2008. In the meantime, the FPB's members can take advantage of its partnership with Utility Options to save money on their utility bills.

Ofgem, which has found 'no strong evidence' of failure in the market, and previously dismissed claims of price fixing, is responding to the spiralling lack of confidence among energy customers, who increasingly believe the market is not working effectively.

"We are concerned about the increased volatility of wholesale prices and we want to investigate how European and other global energy market developments are affecting energy bills in Britain," said Ofgem's chief executive, Alistair Buchanan.

"Customer confidence is vital for a well-functioning market. So we shall replace our magnifying glass with a microscope and take a more detailed look at the retail market and the influence of global wholesale market developments."

He added: "Customers certainly should not stop switching as there are still big savings to be made by changing your price plan, your supplier and the way you pay."

The FPB agrees with Mr Buchanan that the best way to make savings is to switch suppliers. Using Utility Options takes the hassle out of hunting for the best deal. The firm's managing director, Colin Beake, estimates that, in total, the FPB's members are paying over £1,500,000 more per year than they need to for their energy supplies.

"Electricity and gas supplies are always on tap, so most businesses make the excuse that they are too busy to get to grips with the problem, and push the action needed to the bottom of the pile," he said. "They can use us to shop around and we will do the hard work for them."