Miliband wants Ofgem powers to force bills down
Labour leader Ed Miliband visits Cruachan hydro power station on October 29, 2010 in Oban, Scotland. Image: Jeff J Mitchell / Getty Images via Thinkstock
Labour leader Ed Miliband said he wants Ofgem to get new powers forcing suppliers to lower energy bills when wholesale prices fall.
In an interview with the BBC Andrew Marr show on Sunday, the Labour leader said he wanted to “fast-track” laws to give the regulator stronger powers.
He said: “We’re going to bring before the House of Commons a vote in Parliament to say the government should bring forward fast-track legislation to ensure that we give the regulator…the power to cut prices.”
Should Labour win the general election in May, his party intends to replace Ofgem and force suppliers to freeze power prices.
The new rule change would be put forward during an Opposition Day in the House of Commons set for Wednesday (14 January), Miliband said.
However trade body Energy UK argued the move was unnecessary.
Lawrence Slade, chief executive of Energy UK said said: “No new powers are needed. Energy suppliers are already passing on price cuts to customers. With over 25 suppliers in the market competitive pressure is forcing down prices every week.”
He added: “When people shop around they can easily find deals that are over a hundred pounds cheaper than this time last year and line with with falls in the wholesale energy price part of energy bills.”
Article source: http://www.energylivenews.com/2015/01/12/miliband-wants-ofgem-powers-to-force-bills-down/
