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Energy: Prices

Original answer

The Government continues to believe that competition is the best driver of value and innovation in the energy market. However, there has been less scope for competition in the supply market during this period of high and volatile wholesale gas and electricity prices.

The Government wants a retail energy market that is both resilient and competitive, with companies able to invest in innovation and offer products and services that support decarbonisation. The Government is considering what reforms are needed to retail market regulation and will set out its plans ahead of the next price cap period

The answer was corrected by Greg Hands (Conservative)

on Wednesday, 6 July 2022 on behalf of the Department for Business, Energy and Industrial Strategy.

Corrected answer

The Government continues to believe that competition is the best driver of value and innovation in the energy market. However, there has been less scope for competition in the supply market during this period of high and volatile wholesale gas and electricity prices.

The Government wants a retail energy market that is both resilient and competitive, with companies able to invest in innovation and offer products and services that support decarbonisation. The Government is considering what reforms are needed to retail market regulation and will set out its plans ahead of the next price cap period.

Secondary information

Type

Written question

Reference

26863

Session

2022-23

Grouped for answer

Yes

Subjects

Energy Prices

Link

View this Written question on www.parliament.uk