Davey: Energy firms face a 'Fred the Shred' moment

Energy Secretary Ed Davey is expected to say the industry is facing a "'Fred the Shred' moment" as consumers "see a reflection of the greed that consumed the banks".

Mr Davey will tell Energy UK's annual conference:

Trust between those who supply energy and those who use it is breaking down.

It is so difficult for people to work out what exactly they are paying for that they fear the big energy companies are taking them for a ride when bills go up.Fair or not, they look at the big suppliers and they see a reflection of the greed that consumed the banks. So this is a 'Fred the Shred' moment for the industry.

You deliver an essential public service, so your industry must serve the public - and the public must have trust in what you do.

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Govt: Customers 'not cash cows'

Energy Secretary Ed Davey has warned energy firms that they face the same "reputational fate"as the banks, arguing that customers should not be seen as cash cows to be "squeezed" in the pursuit of profits, as the row over rising bills continues