Gas Market Fraud

Robert Smith Excerpts

Tuesday 13th November 2012 Commons Chamber

[Mr Davey]

I am not aware of any such information. The first time I learned from the regulatory authorities about these allegations was on Friday afternoon, as I said in my statement. I have to say to the hon. Gentleman that this Government are taking a lot of action to help consumers with their electricity and gas bills, including through the warm home discount, which is helping 2 million of our most vulnerable citizens and taking £130 directly off the bills of 1 million of the lowest-income pensioners. We also have the green deal and the energy Bill, which will drive competition and ensure that we have competitive retail and wholesale energy markets.

[Sir Robert Smith (West Aberdeenshire and Kincardine) (LD)]

As Energy Action Scotland—a fuel poverty charity of which I am an honorary vice-president—has pointed out, our constituents are facing bills that have gone up on the basis of the wholesale market being a major contributor. They need to have confidence in the wholesale market. My right hon. Friend says that we cannot yet see the impact of these specific allegations, but does he acknowledge that it is important for the market that investors and consumers can put their trust in proper regulation?

[Mr Davey]

I could not agree more with my hon. Friend. It is absolutely critical that markets are fair, because British consumers deserve fair markets. In my previous ministerial role at the Department for Business, Innovation and Skills, I was charged with reviewing competition law. I was responsible for a lot of the reforms in the Enterprise and Regulatory Reform Bill, because I believe that we need to ensure that our markets are working properly and in the public interest.