Energy Prices: Electricity Bills Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Lord Mackay of Clashfern
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Energy Prices: Electricity Bills
Lord Mackay of Clashfern Excerpts(2 years, 6 months ago)
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Lord Callanan (Con)
I have not had a chance to meet the noble Baroness’s colleague yet. I was supposed to meet him a couple of weeks ago, but the meeting was cancelled. I look forward to discussing these important matters with him. As the noble Baroness will be aware, we are already spending considerable sums on home insulation and heating upgrade measures—some £1.3 billion over the last year. Of course, I cannot predict what might happen in the Chancellor’s spending review, but we are already investing considerably in home insulation measures.
Lord Mackay of Clashfern (Con)
I wonder who is responsible for this unprecedented rise in the price of wholesale gas?
Lord Callanan (Con)
The noble and learned Lord is tempting me. Gas is traded in international markets, so the biggest factors influencing prices are global trends in supply and demand. Higher wholesale gas prices have been seen internationally since 2021.