I agree that there are such issues. In his speech, my right hon. Friend did not reflect on the success of the Government. I know he is sceptical about both climate change and the Government’s approach to this over the years, but what is undeniable is the way in which the cost curve has accelerated downwards. We were previously in a situation in which clean energy was ridiculously more expensive than fossil fuels, which poison the air and also have climate risks attached to them. We have therefore seen a real driving down of that cost. Onshore wind is now in a position where it should be able to compete on a level playing field with new gas-fired power stations; we will not of course see any more coal-fired ones.
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Whereas the price of offshore wind was £150 per MWh just a few years ago, we will now, as was announced in the autumn statement, see a ceiling of £104 or £105 per MWh. By the time we are into commissioning for the mid-2020s, we will be looking at a price of below £85 per MWh, which, as my right hon. Friend and other Members will know, is less than that guaranteed for Hinkley.
We are therefore moving to a world of renewables. As part of the reset, we will have an improved approach to encouraging storage and demand management. The roll-out of smart meters will be part of such demand management—I know that efforts are being made with National Grid to find the cheapest way to encourage major industries not to use energy at times when the grid is being pushed—as will interconnectors. We are therefore building the more intelligent system that will take cost out of the intermittent renewables sector at the same time as those renewables are cheaper in relation to their production costs, become more efficient and help us to meet our climate change objectives.
I am pleased to say that it is time we put this law in place and made sure that the Oil and Gas Authority can do its work. If there is an uptick in the oil price, as doubtless there will be, we will have an oil business in this country that is fit for purpose and efficient, and which can continue to deliver jobs in Scotland and elsewhere across the United Kingdom.