Energy firms warn that price freezes could severely affect service provision
Energy companies were quick to answer the recent statements from UK’s Labour party leader regarding a possible government-imposed 2-year freeze of energy prices, multiple news reports have revealed.
First and foremost, suppliers claimed that capping prices would certainly jeopardize the future gas and electricity supply processes, with companies losing the required funds for investments.
Furthermore, their leaders also argued that a large part of the energy bills is actually made-up of government-imposed taxes required for funding various projects, so moving these costs into general taxation would result in an immediate drop in terms of energy bills.
Additionally, as the announcement negatively affected Centrica’s and SSE’s share prices, the former actually went as far as warning that ‘it would not be economically viable to continue’ supplying energy in Britain if prices were capped while costs were rising.
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