Bishop of Oxford asks about the cost of energy

On 6th September 2022, the Bishop of Oxford asked a question on energy bills for low income families:

The Lord Bishop of Oxford: My Lords, it is very good to hear that a plan is in place to address this catastrophe, which is concerning so many people, and to bring help to households. What steps will the Government take to address this fundamental failure of the market, such that huge, almost unimaginable profits are accruing to energy companies, while the poorest in the country face the dreadful choice between heating and eating?

Lord Callanan (Con): The right reverend Prelate is not correct about that. It depends on which energy companies he is talking about: many of the energy suppliers have gone bankrupt over the last year or are making very marginal profits. Some producers, often in other parts of the world, are making very large profits. There are issues to do with some of the early renewable power obligation companies, which are also doing well. Under the latest contracts for difference schemes, that money is being recouped from the taxpayer. In all of these things, it is easy to make these observations but of course, it is an overly complicated situation.


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