One of my priorities is working to reduce the burden of unfair energy bills. Recently, I spoke in the parliamentary debate for the proposed Energy Price Cap, something I strongly support. During the debate, I asked the Sec. of State for Business, Energy, and Industrial Strategy to acknowledge that it would take far more than just making switching between suppliers easier, to ensure a fairer energy market in the UK.
According to a Price of Power survey, people across the Stirling constituency are overpaying for energy by over £7 million per year- an average of £257 per family. The reason for this is largely due to the nature of the energy market. While there are six companies supposedly in competition with each other, they are clearly not doing so and there appears to be a lack of competitive pressure to push down prices.
Smaller energy businesses are hamstrung by the difficulty of changing suppliers, so as a result many small energy companies do not survive, leaving the whole sector unbalanced as smaller businesses are strangled out of the market.
I was very pleased to be able to sign the open letter calling for an effective price cap and calling for the Government to act, ensuring we see a reformed energy market. This letter helped encourage the recent announcement from the Government, which I welcome.
However, there is far more to do. As your MP and as a member of the committee which scrutinises the Business, Energy, and Industrial Strategy Department, I will continue to campaign for real reform to this sector to ensure it operates in the best interest of the consumer.
-Stephen Kerr MP for Stirling