L

Lord Sikka (Lab)

Speaking in the House of Lords on 26 March 2025

Debate

Energy Prices

Contribution

My Lords, I thank the Minister for the reply. We need a glimpse of reality here: between 2020 and 2024, the UK’s 20 biggest energy companies made an operating profit of £483.4 billion—yes, noble Lords heard that figure correctly—which is a major cause of social problems. Steel, shipbuilding and engineering industries are struggling, 6.1 million households are in fuel poverty and 110,000 pensioners a year are dying in fuel poverty. The Government have three non-mutually exclusive policy options: price controls, public ownership, and worker-elected and consumer-elected directors on company boards. What proposals would the Minister like to offer for ending profiteering in the energy industry?

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