Energy Markets

Baroness Ritchie of Downpatrick Excerpts

Monday 9th March 2026 Lords Chamber

[Lord Whitehead (Lab)]

I agree with the noble Lord that Putin may well be smiling a little at the prospect of sky-high energy prices benefiting his beleaguered economy, and that some of the sanctions may be taken off him because people would rather like some of his oil and gas for the future. It is doubly important, therefore, that we keep those sanctions in place, that we sanction the shadow fleet, and that we make sure that the oil from Russia does not get out, by hook or by crook, into various places where it should not go. The UK Government are determined to keep that process under way. It is very important that Putin is not the unwitting beneficiary of this.

[Baroness Ritchie of Downpatrick (Lab)]

My Lords, I congratulate my noble friend the Minister on the Statement that has been made. In supporting the Government’s policy on alternative renewables, I ask that particular attention is given to Northern Ireland, where two-thirds of the population is reliant on fossil fuels, particularly oil, for central heating. I declare an interest in that, along with many other people. Will the Minister, along with his colleagues in the Northern Ireland Office, discuss ways to mitigate the impact on consumers in Northern Ireland, who will face high electricity bills due to the current global market conditions as a result of the war in Iran?

[Lord Whitehead (Lab)]

My noble friend is right that, quite uniquely within the UK, Northern Ireland has a preponderance of oil used for heating, as opposed to the relatively small percentage in England, Wales and Scotland. It is particularly important that we get a grip on heating oil and kerosene in general at an early stage in this process. That is why the Government have undertaken the initiative today to make sure that the industry is very clear about how it manages the price of heating oil for the future and does not engage in price gouging as a result of this particular energy crisis. But prices in general will probably be subject to the duration of this war. Part of the process has to be to make sure that this war comes to an end as soon as it can, that supplies are secured, and that confidence is restored in the fact that energy can pass reasonably unhindered from the site of the war to its destinations. The UK Government are very involved in doing that.