Labour energy policy review
Labour has published a Policy Review document on Energy Market Reform.
The main proposals include:
- We would abolish Ofgem and create a tough new energy watchdog with the power to force energy companies to pass on price cuts when wholesale costs fall.
- We would require the energy companies to pool the power they generate and to make it available to any retailer, to open up the market and make it more transparent.
- We would require energy companies to put all over-75s on their cheapest tariff, which could save as many as four million pensioners as much as £200 a year from their annual energy bills.
Caroline Flint MP, Labour’s Shadow Secretary of State for Energy and Climate Change, said:
“The time has come for a complete overhaul of our energy market, and Labour is the party with the ideas and strength to meet the massive challenges facing the country. That is why we have said we would require energy companies to pool the power they generate, abolish the regulator Ofgem and create a tough new watchdog with powers to force energy companies to pass on price cuts and clamp down on abuses by the energy giants.
“Families struggling with soaring energy bills and facing more price rises this winter deserve better than this shambolic Government and clueless Prime Minister. We need a One Nation government to 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.”