Utility stocks hit as May announces energy price cap

Centrica and SSE both down

Utility stocks fell during trading today, following Prime Minister Theresa May's plans to cap "rip-off" energy prices.

British Gas owner Centrica and SSE were among the biggest fallers in the FTSE 100 following the Prime Minister's speech at the Conservative Party Conference. By 14.30 GMT, they had declined 5.5% to 180p, a 20-month low, and 2% to £13.83 respectively. May said: "One of the greatest examples in Britain today is the broken energy market. [The cap] will bring an end to rip-off energy prices once and for all." This was May's first party conference since she failed to secure a Conservative majority in the General Election in June. In making the claims, the Prime Minister has gone agai...