gamesindustryblog.com
gamesindustryblog.com July 26, 2017


Would Tory price cap lower energy bills?

10 May 2017, 03:28 | Clarence Schmidt

Energy prices could still go up under Theresa May's price cap plans, admits Business Secretary Greg Clark

Tory business secretary defends energy price cap plan

May 9 Britain's energy market is inefficient and gives the biggest players too much power to overcharge customers, Energy Secretary Greg Clark said on Tuesday as he set out plans to cap tariffs.

May promised to "take action to end this injustice by introducing a cap on unfair energy price rises" in a recent article for the Sun newspaper.

"Michael Fallon, the current defence secretary, who was energy minister then: he called it unsafe, he said it would kill investment, hurt consumers", Davey told the BBC's Radio 4. "We will legislate and this will be part of our manifesto". And she dismissed suggestions that it was a repeat of an energy price freeze dismissed as "Marxist" by David Cameron when it was proposed by Ed Miliband in 2015.

The Liberal Democrats' Ed Davey said: "It is never a good idea to copy the economic strategy of Ed Miliband".

Centrica Chief Executive Iain Conn said last month that May's plan to cap energy prices suggests some in her government do not believe in free markets at a time when it is pinning its post-Brexit hopes on free trade.

Energy prices could still rise every year under the proposed Conservative cap, the prime minister has admitted. "Under our cap the prices will be able to go down".

GETTYHomes can save £300 with the best energy deals
GETTYHomes can save £300 with the best energy deals

She told Sky News: "With about two-thirds of consumers sitting on the expensive standard variable tariffs the Tories are talking about, there are big savings to be made by making a whole of market comparison. A cap suggests a maximum amount that can be charged, not a promise that bills won't go up year on year".

A SCOTTISH THINK TANK has warned that measures outlined by the Conservatives to deal with soaring energy prices would fall short of changes needed to have a just energy system to the benefit of the people.

The move has been widely criticised by the industry and the Tories face accusations of hypocrisy after they attacked an identical promise by former Labour Party leader Ed Miliband at the 2015 General Election.

Others say a cap will damage investment in energy when it is required more than ever. Josh Hardie, its deputy director general, said: "A major market intervention, such as a price cap, could lead to unintended consequences, for example, dampening consumers' desire to find the best deal on the market and hitting investor confidence".

Stephen Murray, energy expert at price comparison website MoneySuperMarket, says: "For customers who have the ability to switch - the majority outside the most vulnerable - an energy price cap would be a disaster... it will lead to numerous best deals disappearing, prices finding a higher level and a growing market of disengaged customers".

"The Competition and Markets Authority's thorough two-year investigation identified low levels of consumers switching energy providers as a challenge, and put forward a range of recommendations to address this". Centrica shares are down 14 percent.

David Moyes: Sunderland manager to stay, but Jermain Defoe could leave
Moyes admitted early on in his tenure at the Stadium of Light that Sunderland could struggle this season. Pienaar said: "This is my first one [relegation] and it is the hardest thing to take in my career".



Other News

Trending Now

Broadband Providers Cheer Proposed Net Neutrality Reversal
Ed Markey (D-Mass.), prior to Pai's speech . "Technological innovation has flourished because of the open nature of the internet". The internet is now regulated under Title II, which was created in the 1930s to regulate the Ma Bell telephone monopoly.

Only PM Narendra Modi can resolve Kashmir issue: Mehbooba Mufti
Governor N N Vohra on Friday met Prime Minister Narendra Modi here and discussed with him the security situation in the Valley. It was an excuse as basically he too wanted to have a solution to this issue but couldn't do it as he lacked the strength".

Atletico starlet Theo Hernandez completes Real Madrid medical
The France youth worldwide - whose brother Lucas plays in Atletico's first team - has impressed on loan at Alaves this season. Atletico de Madrid and Real Madrid will negotiate Theo's move after Wednesday's game.

Blade Runner 2049 Trailer Tease Released
These two couldn't be more opposite if they tried, but we're hoping when they come together they'll do great things. A pair of new posters were revealed earlier this week, while a first teaser was released in December.

Crosby scores twice, Bonino has winner as Pens beat Caps
Columbus, facing the same problem, registered fewer hits after falling behind 2-0 in the first-round series against the Penguins. Penguins forward Carl Hagelin, who had been out with a lower body injury, played for the first time since March 10.

Does this leak prove Motorola is working on a new Android tablet?
The image also shows the navigation bar groups on-screen buttons to the left, and an app drawer icon to the right of the controls. However, it appears that the software takes a lot of inspiration from parent company Lenovo's tablets.

EPA reportedly considers filling scientific review seats with business reps
Freire said the agency wants to consider new nominees, including those who may now work for regulated industries. The agency has also removed some scientific data on climate change from its websites .

Pizza Hut apologizes for post making fun of Palestinian hunger strike
Palestinians say the mass hunger strike is an attempt to improve conditions inside the jails and gain more family visits. The post sparked fury on Palestinian social media, including calls to boycott the chain.

Former EPL champion Blackburn plunges into 3rd tier
Since being purchased by the Indian company for roughly $73 million back in 2010, the team has been thrown into near utter chaos. Poor recruitment has only exacerbated the situation for Blackburn , but the club should eventually reach a tipping point.

Nigeria leader meets Chibok girls, leaves for medical trip
President Muhammadu Buhari has described the rescue of 82 Chibok schoolgirls as a pleasant 2nd anniversary gift to Nigerians. Nigerian President Muhammadu Buhar has expressed joy at meeting the 82 girls, as he shared photos of them on social media.