ENERGY PRICES, WINDFALL PROFITS AND FUEL POVERTY

Motion Text

That this House notes with grave concern average annual spending on energy per household has breached £1,200 and that energy providers' profits have risen from £557 million in 2003 to over £5,000 million today; further notes that these companies are receiving unearned profits and that the new price rises could increase the number of those in fuel poverty to over six million people; further notes that the Government's energy package of long-term measures worth £900 million of three years is welcomed, but that given the huge price increases this will not go far enough to end fuel poverty; further notes that the Government is legally bound to do all that is reasonably possible to eradicate fuel poverty for vulnerable households by 2010; further notes that despite the recent sharp falls in oil price, these decreases are not being passed onto consumers by the energy companies; further notes that in 1997 the Government levied a windfall tax on the unearned profits of the privatised utilities and that in 2008 the inflated price of energy continues to make massive unearned windfall profits for the energy companies; and calls on the Government urgently to introduce a new windfall tax with the revenues ring-fenced and targeted at homes in fuel poverty in order to start an adequately funded programme of home insulation to protect people from future price rises.