A panel of lawmakers has proposed to scrap proposed legislative changes to the electricity market and reduce the power of the six biggest energy companies in order to reduce carbon investment.

The Energy and Climate Change Committee has said that the dominance of companies including Electricite de France SA and RWE AG (RWE) needs to be reduced to encourage the 110 billion pounds investment towards replacing aging power plants and cut carbon emissions.

The six companies, who also include Centrica Plc (CNA), EON AG, Scottish & Southern Energy Plc (SSE) and Iberdrola SA (IBE)’s Scottish Power unit, supply 99.5 percent of Britain’s electricity,

The planned refurbish of energy markets will be the most sweeping changes in two decades and will be included in an energy bill to be presented to parliament by July 20.

The Chair of the committee and a Conservative member of parliament, Tim Yeo, said, “Radical reform of the wholesale energy market is needed to stop the Big Six from stitching it up, but at the moment ministers are only tinkering at the margins”.

Britain is a widely recognized to have one of the most competitive energy markets in the world. Therefore, extending changes beyond the proposals would take much longer, create uncertainty and could lead to rescheduling of investment.