Pete Wishart
Main Page: Pete Wishart (Scottish National Party - Perth and North Perthshire)(11 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text
Mr Davey
My hon. Friend is right; this is an excellent EU regulation, on which we have been leading the way and which we believe has a great role to play. The regulation might not be relevant to these allegations or to the particular abuse, if abuse is found. I do not want to prejudge the investigations by Ofgem and the FSA, but he is right to say that the coalition Government are taking action to stiffen regulation in this area.
Pete Wishart (Perth and North Perthshire) (SNP)
If the allegations are true, it will mean that the hard-pressed energy consumer has suffered artificially high prices. Fining the energy companies would not be enough. Will the Secretary of State guarantee that the consumer will benefit from reduced costs, and that if he does not have the powers to achieve that, he will get them?
Mr Davey
Again, we should not speculate. We do not know whether an offence has been committed, and we do not know what the implications of any such offence might be for individual consumers, for companies or for markets. We must not jump to conclusions but, as I said to my hon. Friend the Member for St Albans (Mrs Main), if it turns out that there has been detriment to consumers, there are powers to give them redress under existing law.