Energy companies are complaining about Labours promise to freeze the prices of gas and electricity for nearly two years if they get into power.
Ed Milliband, the Labour leader, in his labour party conference speech has pledged a 20 month freeze in gas and electricity bills if Labour is elected in 2015
The party leader told its conference in Brighton that he would pass new laws to enforce the freeze while the energy sector was overhauled, putting Mr Miliband on a collision course with the “Big Six” energy companies, which stand to lose £4.5bn.
The energy suppliers disquiet, follows similar worries by the energy suppliers after Labour has already vowed it would pass new laws to split energy companies into generation and retail arms, create more competition and replace Ofgem with a tougher watchdog.
An average family’s bill has risen by almost £300 since 2010 and a recent report estimated that flaws in the market had left consumers paying £3.9bn a year too much.
The Freeze is expected to save households around £120 a year and businesses around £1,800 between May 2015 and January 2017.
Tell SID’s How To Pay Less For Gas & Electricity With Their Suppliers Social Fuel Tariff’s »