This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.theguardian.com/money/2017/mar/17/theresa-may-echoes-ed-miliband-promise-reform-energy-market

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
Theresa May echoes Ed Miliband with promise to reform energy market Theresa May echoes Ed Miliband with promise to reform energy market
(35 minutes later)
Theresa May’s government is preparing to intervene in Britain’s energy market to weaken the influence of the big six providers, and stop the poorest families being forced on to the most expensive tariffs.Theresa May’s government is preparing to intervene in Britain’s energy market to weaken the influence of the big six providers, and stop the poorest families being forced on to the most expensive tariffs.
In a speech that had echoes of the previous Labour leader, Ed Miliband, who promised to introduce an energy price freeze, the prime minister argued that the market was “manifestly not working for all consumers”.In a speech that had echoes of the previous Labour leader, Ed Miliband, who promised to introduce an energy price freeze, the prime minister argued that the market was “manifestly not working for all consumers”.
Addressing the Conservative party spring conference in Cardiff, she said she supported competition but was prepared to “step in” on behalf of consumers.Addressing the Conservative party spring conference in Cardiff, she said she supported competition but was prepared to “step in” on behalf of consumers.
“Energy is not a luxury. It is a necessity of life. But it is clear to me – and to anyone who looks at it – that the market is not working as it should,” she said.“Energy is not a luxury. It is a necessity of life. But it is clear to me – and to anyone who looks at it – that the market is not working as it should,” she said.
The Conservative prime minister said prices had risen by 158% in 15 years, hitting ordinary working families with soaring heating and lighting bills.The Conservative prime minister said prices had risen by 158% in 15 years, hitting ordinary working families with soaring heating and lighting bills.
“The vast majority of consumers, especially those with the lowest incomes, are on the most expensive tariffs. Relying on switching alone to keep prices down is clearly not working,” she said.“The vast majority of consumers, especially those with the lowest incomes, are on the most expensive tariffs. Relying on switching alone to keep prices down is clearly not working,” she said.
May argued that her Conservative party did not end the “inefficient” monopolies of nationalised energy companies just to replace them with a system that trapped the poorest.May argued that her Conservative party did not end the “inefficient” monopolies of nationalised energy companies just to replace them with a system that trapped the poorest.
“So we are looking very closely at how we can address this problem, and ensure a fairer deal for everyone.“So we are looking very closely at how we can address this problem, and ensure a fairer deal for everyone.
“We will set out our plans very soon.”“We will set out our plans very soon.”
The charity Citizens Advice has argued that poorer customers often get punished for loyalty, by being put on to expensive standard variable tariffs.The charity Citizens Advice has argued that poorer customers often get punished for loyalty, by being put on to expensive standard variable tariffs.
They are calling for a price cap due to come into place for prepayment meters in April to be extended to customers on those rates.They are calling for a price cap due to come into place for prepayment meters in April to be extended to customers on those rates.
Ofgem recently announced that the cap for those who prepaid for their energy would cover more than 4m households, with bill reductions estimated to be around 10-15% or £80 a year.Ofgem recently announced that the cap for those who prepaid for their energy would cover more than 4m households, with bill reductions estimated to be around 10-15% or £80 a year.
The chief executive of Citizens Advice, Gillian Guy, said: “The prime minister is right that the energy market is not working for everyone. Over 2 million low-income families and pensioners in Britain are paying £141 more each year because they remain on their supplier’s standard variable tariffs.”
She said the prepayment meter price cap should cut bills for millions when it comes into force in April. “Extending the cap to standard variable tariff customers eligible for the warm homes discount would be an important first step to protecting many more of those who pay over the odds for their gas and electricity.”