British Gas, OVO, EDF, Octopus customers will notice £300 cheaper bill after July

British Gas, OVO, EDF and Octopus customers could save as much as £300 on their energy bills from July - if the Labour Party wins the General Election. But the Labour Party claims it will cut energy bills by £300 are "false", the Conservative Party have insisted.

Energy Secretary Claire Coutinho has warned that Ed Miliband’s plans are a "gimmick". Ms Coutinho pointed to new analysis claiming that Labour’s proposals, which revolve around creating a new quango called Great British Energy, will increase bills.

She said: “Labour’s GB Energy proposal is a gimmick that won’t generate any energy and won’t cut bills, whilst the rest of Labour’s policies put Britain’s energy security at risk. Now we know that not only will Labour increase your taxes by at least £2,094, but Ed Miliband’s latest vanity project will put up your energy bills too.”

Sam Hollister, head of economics, policy and Investment at LCP, warned that Europe could face a crunch if storage levels are further eroded, including by Russian attacks on facilities in Ukraine, as shipments of liquefied natural gas (LNG) are being diverted to Asia.

He also added: “Since Russia’s invasion of Ukraine disrupted pipeline flows, Europe has become heavily reliant on inter-seasonal storage to protect and bolster supply in the colder winter months. However, high stock levels are being eroded as LNG exports are being diverted away from Europe, into higher-priced Asian markets.

“If Ukrainian storage is lost, Europe’s storage buffer would fall further... increasing the chances of a ‘dash for gas’ by utilities to avoid winter shortages.” But Miliband has backed his Party to deliver lower bills for customers across the country.

Mr Miliband claimed that a massive expansion of wind, solar and nuclear power will cut consumer bills by an average of £300 a year by 2030.