Jim Shannon
Main Page: Jim Shannon (Democratic Unionist Party - Strangford)
Mr Davey
My hon. Friend is right to say that we face a big investment challenge in this country. That is why, in the Gracious Speech, Her Majesty announced that we would be legislating for electricity market reforms to bring forward that investment, but at the lowest possible cost.
Jim Shannon (Strangford) (DUP)
People have real concerns about energy prices. They also have real concerns about the amalgamation of energy companies—be they electricity, gas or oil companies—and the control of prices that results from that. What assurances can the Minister give us that the Government will always be the protector of prices for the consumer?
Mr Davey
The hon. Gentleman is right. Energy bills are a real concern for many households around the country. That is why we are taking the action we are. He refers to consolidation in the sector. That certainly happened under the last Government. What we are doing is trying to make sure we can get more competition into the sector. We have seen Ofgem’s proposals for dealing with liquidity in the wholesale markets, while the work I am leading on collective switching is intended to enable consumers to generate more competition. Competition is what we want to see.