Energy: Prices

Department for Business, Energy and Industrial Strategy written question – answered at on 6 July 2022.

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Photo of Kate Griffiths Kate Griffiths Conservative, Burton

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to help ensure a competitive market for domestic energy users.

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

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.

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