UK energy stocks slump on Tory price cap plans

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The UK’s energy companies are the biggest fallers on the FTSE in early trading this morning as the Conservative prepares to reveal a controversial price cap on domestic energy bills.

Centrica, the owner of British Gas which has already hit out at the Tories’ plans, is the second biggest faller on the FTSE 100 this morning, losing 4 per cent. Rival SSE has shed 2.8 per cent, while National Grid has slipped 1 per cent in early morning trading. Npower was down 0.1 per cent.

Ahead of the UK’s snap general election on June 8, prime minister Theresa May has promised to help working families struggling with “unfair” energy prices. The policy will be formally announced in the Conservative party manifesto due to be published next week, with the level of the cap decided by regulator Ofgem.

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