Energy: Action on Bills
Debate between Baroness Verma and Lord Wrigglesworth
Baroness Verma
My Lords, I shall respond to the noble Lord as I probably responded to him last time. We need to ensure that there is greater competition. I hate to go back to my earlier point, but under the previous Administration, the number of energy companies reduced from 14 or 15 to six. The big six is a Labour creation. If we have less competition, it is because that competition was taken out by the previous Government. We have now seen seven new entrants in our energy mix. We will see a greater number of entrants coming forward because we have created confidence for smaller providers to come into the marketplace. We do not need intervention as the noble Lord expects. We need to ensure greater competition.
Lord Wrigglesworth (LD)
Does my noble friend agree that there is a vital need at the moment to encourage investment in the energy supply industry and in the electricity supply industry in particular? I welcome her Statement, but will she explain to the House how this is going to encourage more investment in the energy supply industry and how the pledge of the party opposite to freeze prices is going to bring about long-term investment in the electricity supply industry, which is so important if we are not going to have the lights going out?
Baroness Verma
My noble friend is right. We need investment. Since 2010, we have seen more than £35 billion of investment in the energy sector in this country. My noble friend will have to get the answer on the Opposition’s pledge from them. It seems that they are empty words that have no substance.