The shadow energy secretary Caroline Flint has attacked the current energy trading system following recent allegations that the gas price was being manipulated.
Speaking on ITV’s Daybreak programme, the shadow secretary said the level of distrust between the public and energy companies called for a change to the way wholesale gas prices are set:
“Whether these allegations prove right or not, there is a huge lack of confidence in this country in the energy sector – people just don’t trust it any more,” she said.
“Our energy bills have gone up by over £200 in recent years and in the last few weeks prices have gone up again, so these latest allegations couldn’t have come at a worse time for people trying to heat their homes.
“We need a situation when all the energy is put in a pool and the people who trade in it do it in an open and transparent way.
“Energy companies constantly tell us that part of the reason they have to raise their prices is because the wholesale price is going up. If there is any whiff that the way they are set is manipulated it should be fully investigated.”
Her statements come as energy secretary Ed Davey said suppliers could be forced to pay back customers if the allegations proved to be correct.