Caroline Flint MP, Labour’s Shadow Energy and Climate Change Secretary, commenting on Ofgem’s proposals on wholesale market liquidity and financial transparency, said:

“Any reforms to improve transparency and competition in the energy market are to be welcomed, but Ofgem’s proposals yet again fall well short of what is needed.

“Instead of simply stopping energy companies doing secret trades between the generation and retail parts of their businesses, as Labour has proposed, Ofgem is tinkering around the edges with a whole host of complicated interventions which will be difficult to properly monitor and enforce.

“While David Cameron refuses to stand up to the big energy companies, the next Labour Government will undertake the biggest overhaul of our energy market since privatisation. Our plans will break up the big energy companies, put an end to their secret deals and make tariffs simpler and fairer. And until these reforms kick in, we will put a stop to unfair price rises by freezing energy bills until 2017, saving the average household £120.”