industry

UK confident on winter energy supplies, as gas price surge eases – business live


Britain’s energy minister warned on Thursday more energy companies could go bust amid record prices, but ruled out offering any support to struggling firms.

Soaring wholesale energy prices have led some energy suppliers to collapse, with nine going bust in September alone.

“We may well see companies going out of the market,” Kwasi Kwarteng told the Energy UK conference.

Kwarteng said the government would not provide support to struggling energy suppliers and that the current system was working, with a supplier of last resort appointed by regulator Ofgem to take on the customers from any failed companies.

“Government will not bail out failed companies, there cannot be a reward for irresponsible management,” he said.

In the longer-term, Britain’s plan to produce only “clean” energy by 2035, which could be renewable power such as wind or solar or nuclear power generation, will ultimately help to protect consumers, Kwarteng said.



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