Energy Prices
Debate between Paul Uppal and Ed Davey(10 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text
Mr Davey
I am very grateful for the hon. Gentleman’s intervention. This is the greenest Government ever. We have the green investment bank. We have more than doubled renewable electricity. Low-carbon electricity is booming. This is the top place in Europe for renewable electricity, the best place in the world for offshore wind, the best place in the world for tidal investment and the second best place in the world for biomass. I could go on. I hope that he intervenes on that point again.
As I was saying, the interventionist approach of the Opposition is not our approach. We want to aim our intervention at ensuring that our energy markets are more competitive and work harder for consumers. We want to get more energy firms into the market, make it easier for customers to change energy supplier when they do not get a good deal and prevent firms from abusing their market dominance. Price controls will not do any of that.
My argument today is that our reforms to Britain’s energy market are beginning to work. Increased competition is beginning to help people not only to freeze but to cut energy bills. Our approach, fixing the messed-up energy markets we inherited from the Leader of the Opposition, is now bearing fruit.
Paul Uppal (Wolverhampton South West) (Con)
The concern is the inelasticity of prices, especially in their coming down. I am pleased that the Competition and Markets Authority is looking at the market. Does my right hon. Friend agree that a solution to price volatility would be to move from centralised energy production to a system whereby individual customers—SMEs—produce their own energy, increasing long-term competition in the sector?