Miliband wants to give Ofgem the power to cut bills
Ed Miliband - a man who looks like someone stuck a nose on an uncooked gammon steak - is pledging to make our energy bills drop and he wants to give Ofgem more power to railroad energy companies. It is thought that this will be worth £100 to each household.
The leader of the opposition has already vowed to introduce an energy bill price cap, which will freeze bills until 2017. Labour reckons this will cut annual bills by £120, but with this new proposal, savings would be nearly double. Big talk.
Of course, this is all dependent on Labour winning the general election and, seeing as that doesn't seem likely, Miliband may as well promise a robot sex maid for every house in the universe. On the chance that Labour do win, they will give Ofgem new legal duties to review energy prices and the power to order reductions in price if they find energy companies aren't passing on savings.
Labour have promised that this will be fast-tracked so end overcharging by The Big Six. Of course, the energy companies have just dropped their prices, which makes all this chat lack the impact it would have last year.
It has been reported that Miliband is going to say: "What better evidence do we need of the chronic overcharging, the broken market and the ripoffs being faced by millions of families and businesses across Britain?"
"The vital link between the wealth of our nation and working families has been broken. It’s been 18 months since I announced the next Labour government would freeze energy bills – so they can only go down and not up – until 2017 while we reset this broken market. In those months we first heard loud protests from the big six energy firms and their PR guys in the government. Then we saw prices continue to rocket upwards, unchecked by the government."
"Now something else is happening. The costs of energy are tumbling down, not because of anything the government or the big six energy firms have done, but because of global changes in oil and gas supply. The cost of energy to the big six firms fell by 20%. Your gas bill fell by between 1 and 5%. Your electricity bill probably hasn't fallen at all."
"Even the PR guys for the big six – David Cameron and George Osborne – admit this is a problem. But they have not acted and the whole country knows why. It’s because they will never stand up to powerful interests and they never stand up for you."
It is a popular topic though, with chancellor George Osborne promising to watch The Big Six "like a hawk", and no-one cares about what the LibDems think.