13th Mar 2015 06:59
LONDON (Alliance News) - Labour Party leader Ed Miliband is expected on Friday to outline plans to give energy regulator Ofgem greater powers to force energy companies to cut bills should Labour come to power after the General Election, Sky News reports.
Miliband is expected to say that one of his first acts in government would be to push through a bill which gives Ofgem more powers to force the so-called Big Six energy companies - EDF Energy, Centrica PLC-owned British Gas, SSE PLC, Scottish Power, E.ON and Npower - to reduce or freeze prices. It is estimated that gas and electricity bills could be cut by up to 10% this year under a Labour government, Sky said.
He will claim the move is necessary as the energy companies have failed to pass on falls in wholesale energy prices to consumers, Sky said.
http://news.sky.com/story/1444093/labours-pledge-to-force-big-six-to-cut-bills
By Sam Unsted; [email protected]; @SamUAtAlliance
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