§ Mr. Robert BanksTo ask the President of the Board of Trade when he will publish the first of the annual energy reports proposed in last year's coal review White Paper.
§ Mr. EggarVolume 1 of the report, "Markets in Transition", has been published today. Volume 2, "Oil and Gas Resources of the United Kingdom", was published on 25 April. I have placed copies in the Libraries of the House.
600WThe energy report is an important new document. It shows that we have made considerable progress towards true competition in energy supply. Most customers are now benefiting from lower prices, in real terms, than under the former state-owned monopolies. I expect emerging competition to maintain this strong downward pressure on prices. Clearly, there remains some way to go as the title of the report, "Markets in Transition", reflects. But the signs are very encouraging so far.
The energy industries are central to the success of the United Kingdom economy. The provision of efficiently produced and secure energy is a key element in the United Kingdom's competitiveness. But a free market needs information to help consumers and investors plan with more confidence and the Government recognise that they are uniquely well placed to provide much of this information—hence the need for the report.
The report provides valuable background and signposts to further information, for those involved, or thinking of involvement, in those markets. Its readable format also makes it a useful resource to those who are simply interested in the energy sector rather than actively involved in it.