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Energy: Annual Statement

I totally agree with the point made by the noble Lord, Lord O’Neill, on a carbon price floor. As we have committed to in this document, that is something which we will be reviewing with great urgency. We intend to legislate early in 2011 in the energy Bill, having reviewed it during the Recess. The problem with the carbon price, as he quite rightly identifies, is that it has ranged from €30 per tonne in July 1989 to €16 per tonne in July 2009. It is such a volatile price that it makes planning very difficult, particularly in the noble Lord’s sector, so we will be looking at it.