Rachel Reeves

Rachel Reeves

Labour — Leeds West and Pudsey

Speaking in the House of Commons on 21 April 2026

Debate

Middle East: Economic Update

Contribution

Investment in nuclear and renewables can ensure security of supply, and security of price. Investment in fossil fuels cannot secure security of price, because that price is determined by international markets. A third of power is electricity that is not covered by a contract for difference. We are trying to get that on to contracts for difference, so that we can stabilise prices and avoid the spikes that we see because of the volatility in fossil fuel prices that my hon. Friend mentioned. The Energy Secretary and I have already met representatives from the energy sector to discuss this policy and the negotiation of contracts for difference. After the negotiations, and given the incentive to avoid the higher electricity generators levy, we are confident that many businesses will be happy and willing to move, through a negotiated price, on to contracts for difference.

More from Rachel Reeves

Other recent Hansard contributions by the same speaker.

About Hansard

Hansard is the official verbatim record of proceedings in the UK Parliament. Every word spoken in the Commons and Lords is recorded and published — this page is a single contribution from that record.

For Rachel Reeves's full parliamentary record including voting history, expenses and all other contributions, see the Rachel Reeves report card.