May to Introduce Energy Price Cap if Reelected

United Kingdom's prime minister will introduce a cap on "unfair energy price rises" if she is reelected on June 8, Theresa May said on Monday. "The cap will be set by the energy watchdog Ofgem and will help close the gap between standard tariffs and the cheapest deals," May wrote in the British newspaper the Sun, Reuters reported.

 "Energy cap will protect around 17 million families on standard variable tariffs from being exploited with sudden and unjustified increases in bills." Britain's ruling Conservative Party said last month it would cap domestic energy prices if it retained power. Energy bills have doubled in Britain over the past decade to about $1,553.40 a year, angering consumers who face rising inflation, and drawing the ire of politicians ahead of a June 8 national election. Energy companies have said higher prices reflect increased wholesale costs and environmental levies.

May's government has previously called for more competition in a sector dominated by the big six providers of Centrica, SSE, Scottish Power, Npower, E.ON and EDF.