Oral Answers to Questions

John Penrose Excerpts

Tuesday 23rd May 2023 Commons Chamber

[Amanda Solloway]

I thank the hon. Lady for the meeting we had to discuss the matter, which we are looking into. We must recognise that it is the suppliers and consumers who have entered into a contract. However, my strongest encouragement to suppliers is that they do all they can, and blend and extend is certainly one of the ways we can help on that.

[John Penrose (Weston-super-Mare) (Con)]

T7. Does the Minister agree that rewiring energy markets through REMA, the review of electricity market arrangements, is the fastest and cheapest way to cut bills by uncoupling them from gas prices? Does he therefore agree that we should speed up and that bill payers would be best served by a Government White Paper on that before the summer recess?

[Graham Stuart]

I thank my hon. Friend for separately sharing his detailed thoughts on REMA and its reform. This is a complex area with multiple interrelated mechanisms; it requires careful consideration to unlock the £280 billion or perhaps £400 billion of investment in generation and flexible assets that could be needed by 2035. While I share his impatience and desire to move fast, it is more important still that we get it right. I aim to publish a second REMA consultation in the autumn, which will narrow the options for reform and detail the direction of travel.