Jonathan Reynolds MP, Labour’s Shadow Energy and Climate Change Minister, commenting on the energy regulator’s profits projections for energy suppliers said:

“Ofgem’s forecasts for the industry for the next 12 months is just the latest example of an energy market that is not working. Britain’s hard-pressed bill payers have seen their energy bills rocket, despite falling wholesale costs, while David Cameron sits on his hands and repeatedly fails to stand up to the big energy companies.

“That is why Labour would freeze energy bills until 2017 so prices cannot rise, and create a tough new watchdog with the power to force energy companies to cut their prices when wholesale costs fall as part of the biggest overhaul of our energy market since privatisation.