Treaty of Lisbon (No. 2)

The energy companies are subjected to the full rigour of existing legislation against unfair and anti-competitive practices. If there is evidence of any breach of our competition laws, we have the right mechanism to police it and to enforce those laws. The sad truth is that energy prices have been rising across the world, and it is inevitable that some of that will be reflected in prices here in the UK. As I say, if there is evidence of anti-competitive practices, we have the tools to address them. The Commission has consistently credited the UK for the competitiveness of its energy market. The third package of energy liberalisation recently proposed is very much in line with the UK model, and could address many of the issues now inherent in EU markets. More transparent markets with clear, stable regulatory regimes would give market players the confidence that they need to invest, and would help reduce the costs of serving EU energy needs. Within the UK, liberalisation has led to sustained and substantial investment in new gas facilities: pipelines, LNG—liquefied natural gas—terminals and storage. Independent research has indicated that full market opening in Europe could increase cross-border trade in electricity by 31 per cent. and reduce prices in the EU 15 by up to 13 per cent. Total savings in the EU could be of the order of tens of billions of euros. The lack of competition in EU energy markets is costing UK and EU consumers, and it is crucial that all member states press on until we have reached our goal of a true internal market in energy. Rejecting the Lisbon treaty would set back progress in this area.