Electricity: Prices

Department for Business, Energy and Industrial Strategy written question – answered on 3rd March 2022.

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Photo of Thangam Debbonaire Thangam Debbonaire Shadow Leader of the House of Commons

To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will make an assessment of the potential merits of establishing a long-term zero carbon electricity contracts market, as recommended in the UCL policy briefing entitled Delivering competitive industrial electricity prices in an era of transition, published on 9 September 2021.

Photo of Greg Hands Greg Hands The Minister of State, Department for Business, Energy and Industrial Strategy

The Government has made great strides in decarbonising power supply. However the Government is also aware that reaching Carbon Budget 6 and the 2050 Net Zero target may require additional policy changes to ensure the right market mechanisms are in place.

The Government is considering how policies should evolve and will continue to be guided by its commitment to meeting carbon budgets, maintaining energy security, and ensuring value for money for all electricity users.

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