Energy Bill

The right hon. Gentleman has found a nuclear peg on which to hang a familiar theme. When I talk to commercial operators, I am encouraged to find a great deal of confidence in the UK regime. That is important, given the significant amounts of investment that we will need in the next 10 or so years. I am pleased that today's amendment to the Bill will enable us to add greater transparency to the process, by making it explicit in the Bill that the Government have the power to enter into the fixed price arrangement. The measures in the Bill reflect the fact that fossil fuels will continue to play a role in a diverse energy mix, alongside low-carbon generating options. As such, the amendments that the Bill makes to oil and gas regulation are designed to support ongoing production from the UK continental shelf and to reflect the evolving commercial environment in the oil and gas sectors. Finally, we have introduced an enabling power to underpin the roll-out of smart meters, to medium-sized businesses in the first instance, but potentially to all energy consumers, including domestic customers. The Bill also contains a number of more minor areas of legislation. As a whole, the Bill will improve our regulatory framework and help create the right environment to encourage timely investment in diverse, increasingly low-carbon energy sources. I commend the Bill to the House.