The government needs to undertake a review of energy policy in order to deliver a system that is “more competitive and transparent”, according to Conservative Peer Lord Wakeham.

Speaking in the House of Lords on Tuesday 2 June, he said the benefits of privatisation had been “destroyed” by vertical integration and by the nature of government support for renewable energy, which had “killed off any attempt at a competitive market”. Wakeham led the original privatisation of the energy industry, but argued in Parliament that the positive work in reducing the costs of the sector had been “destroyed” and that nationalisation would be better than the current system.

Calling on energy and climate change secretary Amber Rudd to re-evaluate whether renewables would ever become profitable without subsidy, Lord Wakeham said: “The considerable fall in the price of oil and fossil fuels, together with the emergence of fracking, makes the economics of what may have seemed reasonable some years ago not at all acceptable today.”

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