Electricity Market Review

James Wild Excerpts

Thursday 10th July 2025 Commons Chamber

[Ed Miliband]

On my hon. Friend’s point about certainty, which is really important, global inflation has affected the offshore wind sector. I take it from the comments by the shadow Secretary of State that we should just say, “Well, let’s not bother with offshore wind, then. Let’s just stick to gas.” We just have a difference of view. I think that would be such a mistake. It would leave us so exposed, and we know what happened in the past.

On my hon. Friend’s point about jobs, this is a massive opportunity. I had a chance recently to visit the site of the new Rampion 2 wind farm off the English coast. This is going to create thousands of jobs, as well as jobs in the supply chain. When I talk to hon. Members across the House, I am struck by how many places contribute to the supply chain, and we want more of that. We want those jobs made in Britain. That is the point about GB Energy, the National Wealth Fund and the clean industry bonus, which will be part of auction round 7.

[James Wild (North West Norfolk) (Con)]

Under the current system, the most expensive generator sets the clearing price for electricity, pushing up prices for consumers and businesses. Can the Secretary of State explain how the reforms that he is setting out today change that by moving to a pay-as-bid system and providing more affordable energy for consumers and businesses?

[Ed Miliband]

The hon. Gentleman asks a bang-on question, and that is why I hope he will support clean power 2030. The key thing is that if we can get these renewables on to the system, gas will set the price much less often. As this is a CFD rather than a renewables obligation, the reductions in price feed through to the consumer. This will have a genuinely transformative effect on the so-called decoupling that he and the Liberal Democrat spokesperson have raised.