Bulb Energy: Administration Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Clive Efford
Main Page: Clive Efford (Labour - Eltham and Chislehurst)Department Debates - View all Clive Efford's debates with the Department for Business, Energy and Industrial Strategy
(3 years, 1 month ago)
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Kwasi Kwarteng
The hon. Lady will appreciate that matters to do with taxation, VAT and all those things are subject to the Chancellor of the Exchequer’s departmental policy. She will also know that there is urgency about this. I speak to Ofgem every day. We monitor the market extremely closely. We are looking at how the supplier of last resort process is working—it is working reasonably well. As I have said, we are looking at the special administration regime with regard to Bulb.
Clive Efford (Eltham) (Lab)
This is not happening in other countries. If this is evidence of the system working, I would hate to see it if it was not working. The Government have ruled out any bail-out from the Treasury. Will the Secretary of State give the same undertaking that customers will not be forced to pay huge bills in order to pay for the Government’s failure of regulation?
Kwasi Kwarteng
I would like to point out that an energy price cap such as we have does not occur in other countries, so consumers here are being protected. Many of those who are actually bearing the brunt of this crisis are the very firms that, for whatever reason, have had to leave the market. The structure is working. It is protecting consumers, and companies that have fallen foul of these very high prices have been forced out of the market.