Without a doubt, one of the biggest problems in the UK is gas price manipulation. However, it now seems that energy secretary Ed Davey plans to bring an end to this fight. He says that energy firms will now face a huge fine if they are caught manipulating gas prices. Not only that, but they will be forced to pay back customers by lowering their prices too far.
This could mean big things for consumers. However, any company that is caught manipulating prices could be hurt by these extreme demands. Some experts in the industry, however, agree with Davey. This gives new meaning to the phrase: “Don’t do the crime, if you can’t do the crime.”
This statement came from Davey as he addressed the House of Commons. He said that the government will support regulators in taking any steps needed to ensure that violators are punished to the full extent of the law. This is a crime that has been looked over far too long.
In short, Davey wants to protect energy consumers. He is calling on all parties to pull together and protect energy consumers the way they deserve to be protected. Of course, his concerns do not stop with energy prices. He is also worried about increasing food prices as well. Energy and food are things that people need to live. This goes double with the coldest days of winter still ahead of the UK.
Currently, it does look like a number of energy companies are going to be investigated. Right now, Davey did not want to jump the gun and prejudge anyone. After all, these investigations are still in their very early stages. However, there could be some civil or even criminal offenses that get turned up here.
The shadow energy secretary, Caroline Flint, agreed with Davey. She said that energy companies have been able to run their businesses any way they see fit. They have been running their businesses in such a complicated way that there is no possible way of knowing just how much energy actually costs. Thus, companies can just claim that the price of energy has increased when really it hasn’t. It is then consumers who are left holding the bill.
Unfortunately, Caroline is correct. There is no way for the average person to know if the price of energy has really increased. Thus, people just have to agree to pay whatever prices the energy companies tell them to pay. If they don’t, then they have to live without power. This is something that is just not possible in this day and age.