Energy Market Reforms

Lord Naseby Excerpts

Tuesday 4th November 2025 Lords Chamber

[Baroness Hayman of Ullock (Lab)]

Delivering lower bills and a secure energy supply for families and businesses is absolutely at the heart of what we are trying to achieve through these reforms, particularly with moving towards renewables—that homegrown renewable energy sprint, as we are calling it—in order to get where we can as quickly as we can. The quicker we reduce our reliance on fossil fuels, the more quickly we can reduce bills and do more about getting off the gas grid, which I think is at the heart of the noble Earl’s second question. Of course, the Government are always happy to look at contributions from different groups and NGOs, but the important thing is that we focus on that transition to renewable energies to bring those bills down.

[Lord Naseby (Con)]

On energy market reforms, should His Majesty’s Government not take advantage of the news that the North Sea oil reserves are now considerably higher than anticipated, and of a better quality and cheaper than imports of gas and oil, and therefore help to bring down energy prices?

[Baroness Hayman of Ullock (Lab)]

As I have just said, the Government’s focus to bring down energy prices is moving away from reliance on fossil fuels, and I am sure the noble Lord is aware that oil is a fossil fuel. Our focus is on moving to a more renewable energy market, to take away that reliance and bring down energy bills through that route.