Caroline Flint MP, Labour’s Shadow Energy and Climate Change Secretary, commenting on reports that wholesale energy prices have fallen to their lowest for almost four years, said:
“Yet again it looks like energy companies are up to their old tricks while David Cameron does nothing to stop them. When wholesale prices go up, consumers’ bills rise, but when wholesale costs come down consumers never see the benefit. Last month Labour revealed that the energy companies had failed to pass on the full savings from the Government’s changes to green levies to millions of their customers too.
“There is no excuse for energy companies failing to pass on these savings. That’s why Labour would implement a price freeze until 2017, which would prevent energy companies from increasing their prices anymore, but not stop them from cutting their prices. Labour will also give the regulator the power to force companies to cut their prices when wholesale costs fall, if they don’t do it first.”