Moved by Lord Lennie
14: After Clause 15, insert the following new Clause—“Report on additional expenditure treated as incurred for purposes of section 1 of the Energy (Oil and Gas) Profits Levy Act 2022 (1) The Secretary of State must, within six months of the day on which this Act is passed, publish and lay before Parliament a report on the effect of removing the allowance under section 2(3) of the Energy (Oil and Gas) Profits Levy Act 2022.(2) The report must set out projections of the effect of the reduction set out in subsection (1) on domestic and non-domestic energy bills.”Member’s explanatory statementThis new Clause requires the Secretary of State to produce a report assessing the impact of removing the investment allowance for oil and gas companies as set out in the Energy (Oil and Gas) Profits Levy Act, and in particular to assess the impact on domestic and non-domestic bills.
My Lords, the welcome part of the Minister’s statement was the consideration of disaggregating gas from electricity. We welcome that and look forward to seeing the outcome. But Amendment 14 simply asks for a report to be produced; it is not trying to interfere in Treasury decisions or to do anything about fiscal policy. It is simply trying to find out whether the market is distorted and, if it is, by how much. I wish to test the opinion of the House on this amendment.
Ayes 153, Noes 174.
Amendment 14 disagreed.
Amendments 15 and 15A not moved.
Clause 16: Temporary requirement for electricity generators to make payments
Amendments 16 to 19 not moved.
Clause 16 agreed.
Clauses 17 and 18 agreed.
Amendment 20 not moved.
Clause 19: Requirement to pass on energy price support to end users
Amendment 21 not moved.
Clause 19 agreed.
Clause 20 agreed.
Clause 21: Power of the Secretary of State to modify energy licences etc
Amendments 22 to 24 not moved.
Clause 21 agreed.
Clause 22: Power of Secretary of State to give directions