Labour 'would freeze energy prices until 2017'

By Ellie Bothwell

- Last updated on GMT

Related tags: Gordon brown, Labour party

Ed Miliband: 'It's time to reset the market'
Ed Miliband: 'It's time to reset the market'
A Labour Government would freeze energy prices until 2017, party leader Ed Miliband announced at the party conference in Brighton.

In his keynote speech, Miliband said Labour would impose a 20-month price freeze on all the energy companies – saving businesses £1,800, on average - if the party wins the 2015 election.

“Your bills will be frozen, benefitting millions of families and millions of businesses”, he said.

“That is what I mean by a government that fights for you. That’s what I mean when I say: Britain can do better than this.

“It’s time to reset the market.”

Labour said the move would cost the ‘big six’ energy firms £4.5bn in the 20 months between May 2015 and January 2017.

Labour would also scrap Ofgem, the government energy regulator, replacing it with “a watchdog with more teeth.”

Miliband said: “When wholesale [energy] prices go up, you pay more. When wholesale prices come down, you still pay more.

“We need successful energy companies that invest in the future. But you also need to know that you’re getting a fair deal. For the future we need a new system. We need long-term certainty for companies. And we will ensure that.

"But we must have a regulator who will cut your prices if the companies are charging too much. We will legislate for this in our first Queen’s Speech and it will come into effect in 2017.”

Related topics: Legislation

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