Lower energy prices with liberalisation

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Liberalisation of the European energy markets is being pursued by EU officials in an attempt to drive down prices.

Speaking at a European parliament hearing last week, Conservative Party minister Giles Chichester said the EU needs to follow the UK's trailblazing example of deregulation.

"Indeed, the EU would do well to use Britain as a model if it is serious about energy de-regulation," he told members.

He added: "At present, there is still a long way to go on the road to full liberalisation on an EU level."

The EU proposed stepping up competition in the continent's energy sector by forcing companies such as EDF to sell off their gas pipelines and electricity grids.

However, some countries countered the idea in order to protect their national interests.

A compromise was recently reached that would allow firms to keep their networks in tact if they are subjected to closer scrutiny and ensure they offer equal access to third parties.

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