Energy Price Cap Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Stephen Kerr
Main Page: Stephen Kerr (Conservative - Stirling)Department Debates - View all Stephen Kerr's debates with the Department for Business, Energy and Industrial Strategy
Energy Price Cap
Stephen Kerr Excerpts(6 years, 10 months ago)
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Greg Clark
I have seen that. This two-year inquiry conducted by the CMA identified £1.4 billion of detriment, which is a huge amount of money. When our constituents see the difference—it can be up to £100 a year—that they pay for a dual fuel bill by being on a dual fuel tariff, they know that that is significant amount.
The CMA said that suppliers have “unilateral market power” over their inactive customer base and could exploit their position by pricing their SVTs above a level that could be justified. That cannot go on.
Stephen Kerr (Stirling) (Con)
Does my right hon. Friend agree that it will take more than easier switching to encourage a fairer energy market in this country?
Greg Clark
A response is required from the regulator; this is a regulated industry. The development of modern markets means that it is possible for suppliers, especially dominant ones, to identify the customers who are the least likely to switch. As my hon. Friend the Member for St Albans (Mrs Main) said, they are often among the most vulnerable. It is unacceptable to use that information to sting them, and regulation has to catch up with that.