Asked by: Gareth Snell (Labour (Co-op) - Stoke-on-Trent Central)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Minister for Business, Energy and Industrial Strategy, with reference to the oral contribution of the Minister for Business and Industry of 27 June 2017, Official Report, column 446, what the results of the weekly monitoring of the UK’s gas supply indicate for the recent cold weather period.
Answered by Claire Perry
The Government’s ongoing monitoring of the UK gas supply indicates that, despite temperatures falling well below their seasonal average at the end of February and beginning of March 2018, UK gas supplies remain responsive, and able to meet demand even during prolonged periods of extreme weather. The UK benefits from a highly diverse and flexible system of supply sources, including indigenous production, imports from Norway and the continent, storage and liquefied natural gas imports, all of which contribute to a diverse and liquid market.
The Government will continue to monitor our security of gas supply.
Asked by: Gareth Snell (Labour (Co-op) - Stoke-on-Trent Central)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what plans his Department has to reduce the incidence of ceramic manufacturers experiencing gas price spikes.
Answered by Lord Harrington of Watford
It is normal and necessary for wholesale gas prices to fluctuate in response to changes in demand. The resulting price signals encourage a flexible supply response, and help ensure that even when the system is stressed, consumer demand is met. This is a sign of a well-functioning commodity market. Consumers in the wholesale market can benefit from price fluctuations, with companies that flexibly increase or decrease their supply of gas maximising their profit by reacting to the price signals.
There is already a liquid forward market which allows large consumers to buy gas at a pre-agreed price and minimise their exposure to price spikes. This price is historically very stable.
Asked by: Gareth Snell (Labour (Co-op) - Stoke-on-Trent Central)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what discussions he has had with (a) the Secretary of State for International Trade and (b) the Chancellor of the Exchequer on the potential effect of adopting the lesser duty rule as part of a future trade remedy scheme once the UK leaves the EU.
Answered by Margot James
My right hon. Friend the Secretary of State for Business, Energy and Industrial Strategy regularly discusses trade policy issues with his colleagues. The Trade White Paper, published 9 October, set out the Government’s proposals for an independent UK trade remedy scheme once we have left the EU. Our policy is for the amount of any duties to be set at the lower of either: the level of the dumping or subsidy; or the level of injury caused to a UK industry as identified during the investigation process. This approach is known as the lesser duty rule. The Taxation (Cross-Border Trade) Bill, introduced on 20 November, included provisions to apply the lesser duty rule where remedies are recommended to address injury caused by dumping or subsidies.