Ministers have warned energy firms that they must pass on the benefits of lower wholesale prices to consumers, amid concern that bills could rise this spring.
In a speech, Grant Shapps will tell energy suppliers that reduced wholesale prices must be seen in consumer prices, “no ifs, buts or maybes”.
In an apparent sign of government concern about the impact of reduced direct support for domestic energy bills, the energy secretary will spell out his message in a speech at the Chatham House thinktank in London.
“I have one overriding mission in this new job: for the UK to have among the cheapest wholesale electricity prices in Europe,” said Shapps, whose formal brief changed from being business and energy secretary to energy security and net zero secretary amid a mini-reshuffle and restructuring earlier in February.
“This is critical to consumers, to our country and to our planet,” he added. “Making the most of our position as a world-leaders in renewables and nuclear technology, homegrown sources that will shield households from the worst excesses of the volatile global fossil-fuel markets. And suppliers must be ready to pass those savings on to consumers.”