Alex Cunningham MP has today supported calls for energy market action, as shocking figures calculated by Octopus Energy show people in Stockton North are over-paying £5.7m a year on their energy bills.
Horrified by the extent to which the energy market is failing energy customers, a cross-party group of MPs has written to the Government urging it to make sure all consumers benefit from fair energy prices. The cross party campaign comes as Theresa May this week urged MPs from all parties to work together on issues of national interest.
All three of the largest parliamentary parties called for a price cap in their manifestos, but current government plans would only target a fraction of those on rip-off tariffs, causing cross-party outrage amongst MPs.
An inquiry by the Competition and Markets Authority found that energy customers were paying on average £1.4 billion a year more than would be the case in a competitive market. During the General Election, Prime Minister Theresa May pledged action to help all 17 million customers on ‘standard variable tariffs’.
Commenting on the fact that customers in Stockton North are being ripped off, Alex said:
“It’s outrageous that the Big Six are getting away with ripping off the hard working people of Stockton North.
“Ofgem’s proposals are a big 6 stitch up which leave 15 million energy customers to the mercy of the big 6.
“Much more needs to be done to protect those in my constituency who are struggling to pay their energy bills.”
Octopus Energy, the challenger firm that revealed the amount constituents across the country are overpaying, backs the campaign undertaken by MPs. Greg Jackson, CEO of Octopus said:
“We fully support the action taken by these MPs. This rip off energy market is a joke. We need to see the government take strong, swift action to bring real competition to the energy market and end the Big Six’s predatory pricing.”
For further information, please contact Alex’s office on 020 7219 7157