Ed Miliband: Labour would freeze energy prices

There are lots of reasons to be skeptical of claims made by Britain's Labour party leader Ed Miliband  - recent price increases are far more likely to be due to the actions during years of Labour rule than the recent couple under the coalition; but it is interesting he would single out the regulator for abolishment.

BBC News - Ed Miliband: Labour would freeze energy prices: 

"... vowed to abolish energy watchdog Ofgem and replace it with a new regulatory regime that ensures customers get a "fair deal".
"We will legislate for this in our first Queen's Speech and it will come into effect in 2017," the Labour leader told activists."
"But in the meantime I am not willing to just stand by. So the next Labour government will freeze gas and electricity prices until the start of 2017.
"Your bills will be frozen, benefitting millions of families and millions of businesses. That's what I mean by a government that fights for you, that's what I mean when I say: Britain can do better than this.
"The companies won't like it because it will cost them money. But they have been overcharging people for too long because of a market that doesn't work. It is time to reset the market."

Addendum:

The policy in the speech is now being reacted to, and reported on:

Energy firms declare war over Ed Miliband's fuel freeze | The Guardian

Ed Miliband used his boldest and most populist speech as Labour leader on Tuesday to announce that he would freeze gas and electricity bills for 20 months if he wins the election, prompting claims by the big six energyfirms that such price fixing would lead to California-style energy blackouts and stall investment in new power stations.

Power price plans would deter investment, say critics | Financial Times (subscription)

Labour proposals to freeze power prices until 2017 would deter urgently-needed investment in Britain's energy sector, ministers and industry experts have warned.