Labour has claimed it is going to “reset” the energy market with its Green Paper titled: ‘Powering Britain: One Nation Labour’s plans to reset the energy market’, published on Friday.

Labour leader Ed Miliband has already promised a 20-month freeze on energy bills as political turbulence over the cost of living, energy bills and renewable energy costs have made the headlines.

The Green Paper promises changes to the wholesale energy market to increase transparency and competition, a new ‘Energy Security Board’ and plans to replace Ofgem with a new, tougher regulator.

Leader Miliband, speaking at Manchester Town Hall today, outlined Labour's promise to “reset the market with real competition and proper regulation so that prices are affordable” and that they “will secure the investment we need” with a “clear and workable” plan for the “biggest reform” of Britain’s energy market since the privatisation of the 1980s.

He claimed Labour is setting out a plan to “make sure gas and electricity is affordable and available for this generation and generations to come”, and that Labour will provide “change that will make sure electricity and gas is affordable and available for the long term”.

“[Energy bill prices are] rising year on year without justification. And Britain is not getting the investment in energy we need to secure supplies for the future,” said Miliband, adding: “We will stop you being ripped off”.

The National Insulation Association's (NIA) chief executive Neil Marshall responded by urging that home insulation be a “key area of focus” for any changes to the Energy Company Obligation (ECO)