Energy Prices and Profits

Gloria De Piero Excerpts

Wednesday 4th September 2013 Commons Chamber

[Mr Davey]

I will discuss Ofgem in detail later, so I ask the right hon. Gentleman to be patient. I do not accept his party’s position on Ofgem and I will say why not in some detail later.

[Gloria De Piero (Ashfield) (Lab)]

The Secretary of State has mentioned profit levels. Is it not clear that it is not possible to talk about profit levels without also talking about the need for a regulator with teeth? What is the Secretary of State going to do about that?

[Mr Davey]

Actually, when we talk about profit levels, we need to talk about competition. One of the core points of our policy is to increase competition, which the previous Government failed to do. Yes, regulation has a role, and I will discuss that, but competition has a much greater role.