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Lord Hunt of Kings Heath (Lab)

Speaking in the House of Lords on 6 May 2025

Debate

Energy Prices: Energy-intensive Industries

Contribution

My Lords, the noble Lord is of course right to refer to the energy supercharger: £470 million is being contributed towards helping companies which are major energy users. Obviously, we look at the scheme and at whether any changes should be made, but as regards energy market reforms, we are certainly looking at a number of issues in relation to the electricity market. We are looking at issues to do with zonal pricing and the rebalancing of the cost of electricity and gas. But these decisions are not easy and there will be gainers and losers, so we have to take this very carefully. The ultimate answer to the noble Earl’s question is that we need to decarbonise as quickly as possible. That will give price stability and certainty to industry.

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