uk conservatives pledge energy price cap hitting utility shares
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

UK Conservatives pledge energy price cap, hitting utility shares

Arab Today, arab today

Arab Today, arab today UK Conservatives pledge energy price cap, hitting utility shares

Britain's Prime Minster Theresa May
London - Arab Today

Britain’s ruling Conservative Party said it would cap domestic energy prices if it retained power in an election in June, targeting an industry it accuses of not working properly and sending shares in the leading providers down sharply.
Shares in British energy suppliers Centrica and SSE fell by 4-5 percent after ministers said the Conservative’s election manifesto would include pledges on controlling energy prices.
Energy bills have doubled in Britain over the past decade to about £1,200 ($1,640) a year, angering consumers who face rising inflation and drawing the ire of politicians ahead of a June 8 national election. Energy companies say higher prices reflect increased wholesale costs and environmental levies.
Prime Minister Theresa May’s government has previously said the energy market does not work properly and called for more competition in a sector dominated by the big six providers of Centrica, SSE, Scottish Power, Npower, E.ON and EDF.
The market regulator had already intervened to force the “big six” to cap prices for customers on prepayment meters and May’s party said it would go further if re-elected.
“There has not been enough ability for people to switch, we have not seen the competition we were hoping to emerge among the energy companies,” Defense Secretary Michael Fallon told BBC radio.
“Therefore, it is right to look at the way they are regulated and it is right where we can to protect people against large and arbitrary increases in their bills.”
The policy echoes a 2015 election pledge by the opposition Labour party. Their plans for a cap on price hikes were lambasted at the time by Conservatives including Fallon, a former energy minister.
Another minister, Damian Green, had said on Sunday the Conservative manifesto would include measures on energy prices. He said that the energy regulator would set a cap that could reflect market conditions.
According to the Sunday Times newspaper, the plans could cut gas and electricity costs by £100 ($128) a year for 17 million families.
Analysts at Jefferies said British Gas owner Centrica was most exposed to a cap on prices, with “this policy potentially derailing their current downstream focused strategy.”
However, the analysts said that British Gas would not feel the full 100 pound-a-customer impact, as its tariff was competitive versus its peers. The utility firms underperformed a 1.6 percent for the broad FTSE 100 index.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uk conservatives pledge energy price cap hitting utility shares uk conservatives pledge energy price cap hitting utility shares

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uk conservatives pledge energy price cap hitting utility shares uk conservatives pledge energy price cap hitting utility shares

 



GMT 21:16 2016 Monday ,27 June

Zaki Badr discusses cleaning problem in Giza

GMT 21:46 2017 Saturday ,14 January

Turkey arrests 60 businessmen for alleged Gulen ties

GMT 22:38 2017 Friday ,24 March

Abbas meets with Merkel in Berlin

GMT 09:02 2017 Monday ,27 March

Tunisian Premier Concludes Visit to Sudan

GMT 15:54 2017 Friday ,01 September

Attorney General Directs Prosecutors to inspect Prison

GMT 09:22 2017 Sunday ,31 December

HM King condoles with Afghanistan President

GMT 10:12 2016 Wednesday ,06 April

Strong dollar, mild weather shrink H&M profits

GMT 17:03 2016 Saturday ,24 December

7 police killed in attacks in Afghansitan

GMT 13:51 2017 Friday ,17 March

Israel denies Syria shot down a warplane

GMT 04:08 2017 Thursday ,05 January

Carbon tax can fund clean energy transition

GMT 19:27 2016 Wednesday ,14 September

Alstom to go ahead with plans to shut down Belfort plant

GMT 01:44 2017 Friday ,15 December

Mennat-Allah underlines importance of landscapes

GMT 04:57 2017 Thursday ,14 December

Trump tells NASA to send Americans to Moon

GMT 21:43 2017 Wednesday ,11 October

Qabil discusses with Swiss delegation improving power

GMT 21:06 2017 Sunday ,17 September

OIC condemns suicide attack in Kabul

GMT 08:27 2017 Thursday ,27 April

Nokia reports another loss as networks sag

GMT 19:41 2017 Monday ,06 February

Elina Svitolina Claims Taiwan Open Title

GMT 09:39 2017 Friday ,03 February

Former Brazilian president Lula's wife dies of stroke
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday