During the opposition day debate on Labour’s price freeze, November 6, shadow energy secretary Caroline Flint announced plans to release a Green Paper in 2014 with detailed proposals on energy efficiency.
The proposals include providing real help now, through a temporary 20 month price freeze and putting all over 75s on the cheapest tariff, as well as deep structural reforms to the way this market works for the future.
Ms Flint argued that the current government could implement these measures now and gain Labour’s full support.
Defending the idea to freeze prices, Ms Flint asserted that it will take 20 months before the new reforms will overhaul the market.
At the end of the 20 months, Labour hopes to have a new regulator in place with the power to force companies to cut their prices when wholesale costs fall.
Arguing that the price freeze will not deter investments, Ms Flint said investors are more concerned with long term certainty on returns rather than short term gains based on overcharging.