Smart Meters

Lord Hamilton of Epsom Excerpts

Monday 8th July 2019 Lords Chamber

[Lord Henley]

My Lords, the figure I quoted was bill savings of some £1.2 billion, but I accept that the noble Baroness misheard me. We expect a net benefit of some £5.7 billion from the rollout as a whole. Again, I would prefer to write to the noble Baroness with estimates as to what individuals could save, but obviously, it will depend on how the individual makes use of the smart meter. The point of the smart meter is that it makes it easier for the individual to keep an eye on their electricity or gas use and therefore to make the appropriate savings we would all like, both in the use of energy, which is important, and in money for the individual.

[Lord Hamilton of Epsom (Con)]

My Lords, my noble friend has commented on the value of markets. Will he tell us about the success of capping energy prices? I gather that most customers are now paying the higher tariff and prices have gone up, rather than down.

[Lord Henley]

My Lords, I think my noble friend is wrong—capping has been a success. We announced that it was only a temporary measure because the markets were not working, but I, like my noble friend, want to make sure that the markets work because that is the best way forward.