Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

U.K. Labour Party Would Force Energy Suppliers to Cut Prices

Don't Miss Out —
Follow us on:

Oct. 24 (Bloomberg) -- 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.

Labour is seeking to capitalize on a policy reversal by Prime Minister David Cameron last week, when he backed away from a pledge to force gas and electricity suppliers to charge customers the lowest possible prices. Labour will use a House of Commons debate today to push for measures to help consumers, who it says have seen energy bills increase by 200 pounds ($320) a year since Cameron became prime minister in 2010.

The prime minister’s original announcement Oct. 17 was an attempt to respond to public anger after energy providers including Centrica Plc and RWE Npower Plc announced price increases to take effect as winter approaches.

A day later, Cameron’s spokeswoman, Vickie Sheriff, told reporters the planned legislation might include imposing a duty on companies to inform customers of lower tariffs. Energy Minister John Hayes told lawmakers only that the legislation would “help energy customers get the best deal.”

To contact the reporter on this story: Gonzalo Vina in London at

To contact the editor responsible for this story: James Hertling at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.