Energy Markets

Pippa Heylings Excerpts

Thursday 5th March 2026 Commons Chamber

[Madam Deputy Speaker (Judith Cummins)]

I call the Liberal Democrat spokesperson.

[Pippa Heylings (South Cambridgeshire) (LD)]

The conflict in the middle east reminds us again how dangerously exposed the UK is to volatile global fossil fuel markets. Forecasts by the Joseph Rowntree Foundation have shown that, just as happened after Putin’s illegal invasion of Ukraine, energy bills could go up dramatically, placing further pressure on families and businesses that are struggling, while energy companies make profits. The leader of the Liberal Democrats, my right hon. Friend the Member for Kingston and Surbiton (Ed Davey), asked the Prime Minister yesterday to give a cast-iron guarantee that he would not let energy bills rise by £500 this year, but he did not. Will the Secretary of State give that guarantee?

Why are we so exposed? Because of our heavy reliance on gas, limited storage capacity, dependence on imports, and falling domestic liquefied natural gas inventories. As recently as January, the Conservatives were arguing in favour of continued reliance on gas, due to the price falling at that time, but it has taken less than two months for them to be proven wrong. Meanwhile, given the instability in European energy markets caused by the ongoing conflicts, I am glad to hear that the Secretary of State has engaged with energy counterparts in the EU. I would like to hear more details of their analysis of the potential impact on supply, prices and regional energy security.

[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.