Timeyin Akerele

On the retail sector, we have got competition as well.

It's actually a very vibrant market.

competitive retail market in the UK, which is great.

It's generating lots of innovation and new products and services, new companies.

The networks is the bit that isn't competitive.

So they're essentially what we call natural monopolies.

It wouldn't make sense to have two companies bringing pipes or wires to your home.

So they are natural monopolies and that's why we regulate them to make sure they can't exploit that position to charge excessive prices.

So we set the price they can charge you.

So it's a mix of competitive and non-competitive markets.

So the government does look at this and they might choose to look at it again.

But when they looked at it a few years ago, their conclusion was the benefits, the time taken to get there, by the time you got there, actually the benefits to consumers would be very small and...

The disruption to the market would be high.

And actually, the problem is solving itself already by the introduction of these fixed price CFD contracts, which have been running now for over 10 years.

And the gradual, in fact, quite rapid reduction in the use of gas.

So the percentage of time when gas does set that marginal price.

So that is a big change over time.

So this is the Committee on Climate Change's work and they did a cost-benefit analysis because they advised the government on...

on how to achieve net zero carbon emissions by 2050.

And in their latest advice, they did analysis to look at the costs of achieving that goal.