Opposition Day — Energy Prices — Require Suppliers to Pass on Wholesale Price Reductions to Consumers — 18 Jun 2014 at 18:50

The majority of MPs voted not to require energy suppliers to pass on reductions in wholesale energy prices to consumers.

The motion rejected in this vote was:

• That this House
• notes the policy of Her Majesty’s Official Opposition to freeze energy prices for 20 months while the energy market is reformed;
• further notes that in recent months wholesale gas and electricity prices have fallen significantly, with gas prices for next day delivery 38% lower than their level this time last year and electricity prices 23% lower;
• believes that in a properly competitive market wholesale cost reductions should be passed on as quickly and as fully as cost increases; and
• calls on the Government to provide the energy regulator for Great Britain with powers to force energy suppliers to pass on price cuts to consumers in all parts of Great Britain when wholesale costs fall, if suppliers fail to act.

Debate in Parliament | Source |