Gas Market Fraud

William Bain Excerpts

Tuesday 13th November 2012 Commons Chamber

[Mr Davey]

My hon. Friend is absolutely right. That shows the importance of taking these allegations seriously, because were they proven true they would have such a wide application for people’s energy bills—and, if proven true, they would relate to and impact on consumer markets.

[Mr William Bain (Glasgow North East) (Lab)]

Does the Secretary of State recognise how wrong it will seem to the 800,000 people in fuel poverty in Scotland if they have been ripped off while speculators have benefited from lucrative derivatives contracts? Does that not make the case for a new energy regulator here at home and proper regulation of excessive speculation at G20 level?

[Mr Davey]

I agree with the hon. Gentleman that, if it turns out that abuses have been committed that have affected prices for his and my constituents’ energy bills, that is an extremely serious matter, and we want the full weight of the law and investigatory bodies to chase down those people responsible. I have to say, however, that I do not think that makes the case for a new regulatory body. We need to make sure that the existing regulatory bodies, which have very strong and wide-ranging powers which this Government have increased, can take the necessary measures and penalise people if they are proven to have committed an offence.