Increased competition could result in cheap energy

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The European Union has reached a deal which will result in further liberalisation of the continent's energy markets.

As a result of increased competition, energy prices – including those for both electricity and gas – may start to fall.

Despite the failure to secure the break up of energy giants such as EDF and RWE, the European Parliament has won the right to prevent the poorest families from paying unreasonably high prices for their energy tariffs.

The EU has also demanded that energy firms make it easier for customers to compare energy prices and ensure that they can easily switch supplier within three weeks of finding a better deal.

Millions of consumers are expected to benefit from the new rules.

Commenting on the changes, Italian liberal Antonio Mussa said: "We will no longer be faced with the authoritarian policies of certain companies.

"There will be a free market."

In related news, the Environmental Audit Committee claims the UK government should make energy efficiency a priority.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.


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