Since the announcement of the new Energy Price Bill, people have been accusing the government of taking too much control over the energy industry in the UK.
Last week the government introduced a new Energy Price Bill to ensure support for households and businesses. The bill will ensure business energy consumers get the support they need with energy bills. It also gives the power to stop gas prices from dictating the cost of electricity that is generated by renewables.
However, after proposing this bill the business secretary, Jacob Rees-Mogg has been accused of launching a power grab as this gives the government a lot more control over the energy industry.
The biggest concern amongst energy suppliers is the government having the ability to overrule Ofgem. The energy regulator Ofgem is responsible for overseeing every element of a supplier’s licence to protect customers and ensure suppliers remain in business. However, the Energy Price Bill in its current form would give the government the authority to override Ofgem.
Currently, the Energy Price Bill still needs to be discussed in the House of Lords. This means changes could be made to the bill before it is approved as new legislation.
Energy suppliers are also not happy with the government giving them very little time to examine the legislation before introducing it. Whilst suppliers agree that legislation to ensure support for energy consumers is vital, they have said that any bills introducing new legislation need to consider the potential consequences this may have on the energy industry.
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