In recent years we have discussed the need to rebuild public trust in the energy market many times. I think we all agree on the importance of that objective if we are to build a market that both delivers for consumers and underpins the investment in future clean energy capacity that we all want to see.
Our intention is to now reset the market that has consistently failed to secure the confidence of the public or the investment Britain needs. Doing that requires two steps. First, it means legislating to build competition and transparency into the market, with a trusted regulator standing behind the system.
Second, it means ensuring that in the time it takes to put a new system in place, up to the start of 2017, we ensure the prices paid by consumers do not rise.
A fairer market for consumers must be matched by a better deal…
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