Labour leader Ed Miliband will pledge to end the ‘rip off’ prices from energy companies at a the launch event of his Energy Green Paper in Manchester today.
Miliband is determined to see a tougher regulator and independent body to plan a new infrastructure as well as action to boost competition between providers and simplify bills.
This shake up would be implemented during the 20-month price freeze if Labour win the election and could be the biggest change since privatisation in the 1980s.
In a speech to be given at Labour’s energy green paper launch today at Manchester Town Hall, Milliband is expected to say: “In the past three years it has become clear to everyone but this government that the energy market is broken.
“Prices are rising year on year without justification. And Britain is not getting the investment in energy we need to secure supplies for the future.
“We will freeze your bills for 20 months.
“We will reset the market with real competition and proper regulation so that prices are affordable.
“We will stop you being ripped off and, together, we will power Britain into the next century.”
An independent Energy Security Board would be created modelled on the Office for Budget Responsibility, to help draw up and implement a timetable for building energy capacity.
A new regulator will have powers to order firms to pass on wholesale savings to customers and intervene in the market to ensure consumers will get good value in the future.