Commenting on the Conservatives’ pledge to introduce a cap on energy prices in their election manifesto, Simon Virley, UK Head of Power & Utilities at KPMG says:
"The commitment to cap energy prices would bring to an end nearly 30 years of UK energy policy thinking that greater competition is the best way to keep prices down and help consumers.
“Ironically, it comes at a time when there are a record number of suppliers in the market.
“This change would have major implications for the way the energy market works.
“We have already seen the share prices of some of the Big Six energy suppliers take a hit."
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.