UK Conservatives pledge energy price cap, hitting utility shares

24 Apr 2017   United Kingdom

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 pounds ($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 […]

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