U.K. Labour Plan Law to Force Energy Price Cuts by Winter
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The U.K.’s opposition Labour Party plans to legislate to force utilities to pass on falling energy costs to consumers by the end of the year if it wins power in the May 7 general election.
The announcement builds on the party’s past pledges to freeze energy prices and give the regulator Ofgem authority to force utilities to reflect wholesale price cuts in charges to domestic gas and electricity consumers. Labour Leader Ed Miliband said he’ll “stand up” to the so-called Big Six energy companies.