British Government Pledges Venezuelan Style Electricity Price Caps

“But price controls are not the solution, they are a wrecking ball which will do even more damage to an already severely dysfunctional British energy market.”

Indeed.

Watts Up With That?

Guest essay by Eric Worrall

h/t John – Faced with mounting voter anger over green policy driven electricity price rises, a precarious, under-resourced energy grid, and with a national election looming June 8th, the British Conservative Government has responded by promising Venezuelan style price caps on domestic electricity bills.

UK Conservatives pledge energy price cap, hitting utility shares

By Kate Holton and Alistair Smout
Mon Apr 24, 2017 | 4:13 PM BST

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 as much as 5 percent, and were last down around 3 percent, after ministers said the Conservative’s election manifesto would include pledges on controlling energy prices.

Energy bills have doubled…

View original post 507 more words

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