Lord Grantchester
Main Page: Lord Grantchester (Labour - Excepted Hereditary)Department Debates - View all Lord Grantchester's debates with the Leader of the House
(11 years, 1 month ago)
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Lord Grantchester (Lab)
My Lords, while estimates of the investment required may vary, according to the energy mix in the future, would the Minister like to see energy companies put more emphasis on investment and keeping prices for the consumer down rather than on executive pay packages and dividends to shareholders?
Baroness Verma
My Lords, of course the noble Lord is right that we want to see greater investment, and that is what the Government are doing. This Government are working hard to get the £110 billion-worth of investment that is needed. Twenty per cent of our capacity is coming off-grid. We need that investment, we needed it earlier and, sadly, we are having to work very hard to catch up. However, rest assured that we are working very hard to ensure that energy companies are more transparent and are responding to the competition. However, if consumers need to change their energy companies because they are charging too much, they must be encouraged to switch, which is what we are trying to do.