Energy Markets

Graeme Downie Excerpts

Thursday 5th March 2026 Commons Chamber

[Ed Miliband]

I agree with the hon. Lady on her fundamental point about why we are exposed. Cost of living support is obviously a matter for the Prime Minister and the Chancellor, but I reiterate to her that the Chancellor showed a willingness to act on these issues in the Budget because she recognised the pressures that families are facing, and that the cost of living crisis is by far the biggest issue facing our country. At Prime Minister’s questions, the Prime Minister again reiterated that we are carefully monitoring the situation. The Government have shown their willingness to intervene, and if necessary, we will intervene again.

On the wider points that the hon. Lady makes, the most important thing to emphasise is that we have to go back to the fundamentals. That means driving forward with clean power and the insulation of homes. Our European counterparts, whom she asked about, face similar challenges. Through the International Energy Agency, we are all engaged on some of the issues around oil stocks that I raised in my statement. She is absolutely right that co-operation with our European colleagues is particularly vital at this time.

[Graeme Downie (Dunfermline and Dollar) (Lab)]

I thank the Secretary of State for his very clear and measured statement. May I ask him about two points? First, if we see rises in bills in forthcoming months, can we ensure that the blame is placed firmly where it should be—on the actions of the Iranian Government in attacking and threatening the strait of Hormuz?

Secondly, in the Energy Security and Net Zero Committee meeting yesterday, we heard from the chief executive of Ofgem that a prolonged period of closure of the strait of Hormuz would create an upward pressure on prices. He indicated during that evidence session that the market anticipated that it could manage a period of roughly two weeks. As the conflict continues to develop, does the Secretary of State have any sense of what might be meant by a “prolonged period of time” that would create upward pressure? Will he ensure that the Committee and the House are kept informed?