This week, Labour announced major plans to overhaul the energy market to ensure it properly stands up for families and businesses.
I know from conversations with Portsmouth people that, for far too long, they have been let down by a broken system that fails to protect them.
In recent years, energy consumers across this city have had to put up with suppliers collapsing, the scandal of the forcefitting of pre-payment meters, delays to compensation claims, and poor customer service ranging from inaccurate billing to faulty smart meters.
That is why the Government is introducing sweeping changes to the regulator, tackling this situation and delivering the change Portsmouth deserves.
After more than a decade of the Conservatives allowing poor behaviour from energy companies to go unchallenged, we are committed to standing up for families and businesses and fighting their corner.
Labour has laid out further detail on the transformation of the energy regulator Ofgem, which will ensure consumers are treated fairly and good practice is guaranteed in the market.
Announced widespread reforms include:
- Powers for Ofgem to ban energy company bosses’ bonuses if they break the rules
- Stronger powers for Ofgem to enforce consumer law directly, meaning it will no longer need to go through a lengthy courts process to make sure customers get what they are owed if companies treat them unfairly
- Measures to ensure energy bosses act on behalf of consumers
- Reforms to the regulator’s remit to focus on economic and consumer protection and ensure every energy consumer is protected, including the ability to regulate in new areas of the market if needed
This Government understands that the cost of living is the number one issue families are facing. That is why, alongside reforming the energy system, Labour acted to bring down energy bills by 7% this month, and we will continue to stand by families as the impacts of instability in the Middle East become clear.
With the UK facing the second fossil fuel price spike in less than 5 years, this Government believes that the only route to economic security, energy security and national security is through clean energy.
Stephen Morgan MP
