Bulb Energy: Administration
Debate between Kwasi Kwarteng and Alex Sobel(3 years ago)
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Kwasi Kwarteng
The House should understand that we have a security of supply. For example, in 2020, 50% of the gas was from the UK continental shelf, 30% was from Norway, 18% was essentially shipped and 2% came from interconnectors. That is a diversity and security of supply that other countries in the EU and on the continent frankly do not have. My hon. Friend will also appreciate that the supplier of last resort process and the energy price cap have protected consumers considerably through this difficult period.
Alex Sobel (Leeds North West) (Lab/Co-op)
Hundreds of my constituents have been in touch with me over the last few months as their energy suppliers have collapsed. As the Secretary of State said, 22 suppliers have now collapsed. We are moving back to an oligarchy of energy companies that are increasing their profits, while the supplier of last resort is socialising losses. What is he going to do to fix the broken energy market? This winter we are going to have a perfect storm of rising wholesale prices and collapsing companies. How is he going to resolve that, so that people do not end up in fuel poverty?
Kwasi Kwarteng
I do not agree with the hon. Gentleman’s characterisation; I do not think that we are going back to an oligopoly, as he said. I have always maintained that competition is essential in this market. As my hon. Friend the Member for Harrow East (Bob Blackman) alluded to, there has been a huge mismatch between the wholesale price and the retail price cap. The retail price cap is there to protect consumers, otherwise we would have seen a huge increase in consumer prices and the hon. Gentleman’s constituents would have been under even more pressure.