UK Labour Party Would Force Energy Suppliers to Cut Prices
From Bloomberg
By Gonzalo Vina
Britain’s opposition Labour Party said it would force gas and electricity companies to cut bills for consumers when wholesale prices drop as it prepared to debate in Parliament measures to overhaul the energy market.
Labour said it would abolish Ofgem, the regulator, and create a more powerful body to implement the pricing policy. It said it would force energy suppliers to put people over age 75 on the cheapest tariff and force generators to pool energy so that every retailer has access to it.
Labour would “break the dominance of the energy giants, protect vulnerable customers from being ripped off and create a tough new energy regulator with the power to force energy companies to pass on savings to consumers,” Caroline Flint, the party’s main energy spokeswoman in Parliament, said in an e- mailed statement today.
