Energy Prices

Lord Liddle Excerpts

Wednesday 26th March 2025 Lords Chamber

[Lord Hunt of Kings Heath (Lab)]

My Lords, I do not agree with the noble Lord at all. I remind him that our electricity market structure and its reliance on the international gas market is an inheritance from the last Government, and the highest prices we had were under the stewardship of the last Government. In getting ourselves off these international market prices, going to renewables and using nuclear as the essential baseload, we can grow the economy and give ourselves security. I totally disagree about the speed; we need to do this as quickly as we can.

[Lord Liddle (Lab)]

My Lords, do we not depend on high-priced gas because we rely on it when the wind does not blow and the sun does not shine to make our renewables work? The answer therefore has to be to invest more in energy storage, which I think we are doing, to strengthen international grid links so that we can gain supply there, and to invest for the long term in nuclear power.

[Lord Hunt of Kings Heath (Lab)]

My Lords, I agree with my noble friend on all of that. I am glad that he mentioned the importance of nuclear energy as our essential baseload. With Sizewell C, the SMR programme, the opening of Hinkley Point C and the advanced modular reactors, we have the opportunity to have an excellent industry in the UK to give us low-carbon baseload energy.