"The Sun" said : How can an energy price cap skew the market when the market is already a total con?
The energy market is not competitive. Rex Features 4 Former Lib Dem Energy Secretary Ed Davey accused Mrs May of stealing a Labour policy from last electionBut Miliband's policy was to "freeze" energy prices, not cap them. The investigation, which was carried out by the Competition And Markets Authority, concluded that between 2012 and 2015 energy consumers paid a staggering £1.4billion a year more than they should have done. A cap, by contrast, stops energy companies raising them — and if prices are too high, it forces the firms to lower them. That's right, five of the Big Six energy companies actually raised their prices last autumn.
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Energy UK, which represents the UK industry, said that the proposed cap could reduce competition and distort the market. Theresa May has said that a Conservative government will take action to cut "rip-off" energy bills by imposing price caps. ITV News Consumer Editor Chris Choi explains the facts of the UK energy marketWhat have the Conservatives pledged? Mrs May said the changes would cut bills for around 17 million families who could save up to £100 per year. Lawrence Slade, Chief Executive of Energy UK, said energy pricing is "down to each individual company but over the last few months we've seen prices go up across the field" and that consumers needed to "understand why" this was the case.
The prime minister would not be drawn on whether some cabinet ministers opposed the price cap policy. Industry experts also warned that household energy bills will continue to rise regardless of May's pledge to cap default electricity and gas tariffs. "Administering the price cap therefore risks being tantamount to signing off bill increases for the industry," said Cornwall Energy. "We need to make the energy market more competitive, so the customer is king and big business fat cats can't take us for granted," he said. "As far as I can tell, no guarantee that energy prices won't rise next year under Tory policy.
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collected by :Jack Luxor
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Conservatives' energy price cap pledge: what does it mean for consumers?
Energy UK, which represents the UK industry, said that the proposed cap could reduce competition and distort the market. Theresa May has said that a Conservative government will take action to cut "rip-off" energy bills by imposing price caps. ITV News Consumer Editor Chris Choi explains the facts of the UK energy marketWhat have the Conservatives pledged? Mrs May said the changes would cut bills for around 17 million families who could save up to £100 per year. Lawrence Slade, Chief Executive of Energy UK, said energy pricing is "down to each individual company but over the last few months we've seen prices go up across the field" and that consumers needed to "understand why" this was the case.
The prime minister would not be drawn on whether some cabinet ministers opposed the price cap policy. Industry experts also warned that household energy bills will continue to rise regardless of May's pledge to cap default electricity and gas tariffs. "Administering the price cap therefore risks being tantamount to signing off bill increases for the industry," said Cornwall Energy. "We need to make the energy market more competitive, so the customer is king and big business fat cats can't take us for granted," he said. "As far as I can tell, no guarantee that energy prices won't rise next year under Tory policy.
read more visit us Energy markets
collected by :Jack Luxor
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