Market failure and energy supply

That this House notes with concern Ofgem's announcement of the £153 energy price cap rise due to take effect on 1 October 2021; further notes the rise will coincide with the end to the universal credit uplift and end to the Coronavirus Job Retention Scheme; regrets that these measures combined will further force 1.28 million more of those on low incomes into poverty; recognises that the energy and energy network companies’ ability to realise significant profits from consumer bills since privatisation is evidence of a broken market; further recognises the pursual of fire and rehire tactics in private energy providers in the past year; acknowledges public support for public ownership in the energy system; believes that increased regulation and public ownership of private energy provision can deliver better investment in infrastructure, a faster switch to renewable energy, better staffing terms and conditions, and lower consumer bills; and further believes that public financial support for energy providers should come with clear conditions, including restrictions on elements of the private operating model such as dividend payments, excessive CEO remuneration, and with the option of public provision in the energy sector.