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Consumer compensation

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Ed Davey, energy secretary, last week told parliament he “confidently predicts” energy firms will cut prices to reflect falling wholesale energy costs.

Opposing Ed Miliband who, over the weekend, said Labour would force a parliamentary vote on “fast-track legislation” to give Ofgem the power to cut prices before the election, Davey claimed the proposed regulations would produce “yo-yo pricing and higher pricing”.

Shadow secretary Caroline Flint told the debate she believed consumers must be compensated for energy firms failing to pass on savings to customers since 2009: “We know that wholesale costs have fallen, and we know too that energy companies will not pass on the full savings to all consumers unless they are forced to,” she said.

Following the debate MPs voted against Miliband’s plans to push through the fast-track legislation by 305 votes to 228.

I would be very interested to hear your thoughts.

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