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Lord Hunt of Kings Heath (Lab)

Speaking in the House of Lords on 26 March 2025

Debate

Energy Prices

Contribution

My Lords, I am very grateful to my noble friend for his support. The issue of prices is of course serious for both business and domestic customers. That is why we have the warm home discount and the support given to businesses that use energy intensively. Clearly, this is a continuing issue that will be solved only if we can wean ourselves off the international gas markets, which we are going to do by moving towards clean power. I just say to my noble friend that Ofgem does in fact cap the profits of energy suppliers in the retail market; they are capped at 2.4%.

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