LONDON (Reuters) - Britain’s energy market is inefficient and gives the biggest players too much power to overcharge customers, Energy Secretary Greg Clark said on Tuesday as he set out plans to cap tariffs.
British Prime Minister Theresa May has vowed to introduce a cap on domestic energy prices that would cut tariffs for around 17 million families if she is wins an election on June 8.
“The lack of competition, the market power that they have, has led to inefficiency in these energy companies,” he told BBC Radio. “We will legislate and this will be part of our manifesto.”
Reporting by Kate Holton; editing by Michael Holden