Energy Markets

Lord Hunt of Kings Heath Excerpts

Monday 9th March 2026 Lords Chamber

[Lord Whitehead (Lab)]

I may have to write to the noble Viscount on aspects of that question that I am not fully sighted on. If he is referring to the Fingleton review, for example, then a great deal of work is being undertaken on that. Part of the issue with that review is how it translates itself into legislation for the future, and that is being fully considered. However, I assure the noble Viscount that that is not a particular cause of delays; it is a question of getting it right and making sure that what is in the review can properly inform the debate for the future.

[Lord Hunt of Kings Heath (Lab)]

My Lords, can we come back to the North Sea and the Opposition’s obsession with it? Can my noble friend confirm that between 2010 and 2024, production in the North Sea halved? It is a super-mature basin that, even if new licences were to be granted, would have a marginal impact. On the issue of gas being used to substitute for renewables when the wind is not blowing, would we not be in a much better position if the Opposition, when in government over 14 years, had actually managed to open one single nuclear power station?

[Lord Whitehead (Lab)]

My noble friend is right that the North Sea is not just a mature field but a very mature one. Indeed, as we are seeing, one of the opportunities for the North Sea is not so much getting oil out of the ground but putting carbon back into it, in terms of exhausted fields that are presently near their demise or thereabouts.

There is no magic wand that we can wave to suddenly produce lots of new oil and gas in the North Sea; we are talking about small pools, small fields and so on, if at all. The emphasis clearly has to be on making sure that production continues, not on ensuring that exploration—chasing a bit of a will-o’-the-wisp in terms of the field—is under way.

My noble friend is also right that the previous Government did indeed fail to produce a single nuclear power station during the entire time of their regime, whereas now we are on the cusp of making sure that small nuclear modular reactors are a thing of the future and that we have the sort of nuclear economy that is fit for a low-carbon economy—generally dispatchable, smaller, nimble and part of the energy economy.