Fallon says energy markets not working, intervention needed

FILE PHOTO: Britain's Defence Secretary Michael Fallon speaks during a press conference after the official ceremony welcoming the deployment of a multi-national NATO battalion in Tapa, Estonia, April 20, 2017. REUTERS/Ints Kalnins

Conservative Party will intervene in the energy market if it wins an upcoming election in June because the current system is not working properly, Defence Secretary Michael Fallon said on Monday.

Prime Minister Theresa May’s Conservatives have indicated that they will include a cap on energy prices for domestic customers in their election manifesto and Fallon said they were committed to making the markets work better.

“There’s not been enough ability for people to switch, we haven’t seen the competition we were hoping to emerge amongst the energy companies,” Fallon told BBC radio.

“Therefore it’s right to look at the way they are regulated and it’s right where we can to protect people against large and arbitrary increases in their bills.”

(Reporting by Michael Holden; editing by Kate Holton)