Kwasi Kwarteng: “Security of energy supply is not a cause for immediate concern”

The Business and Energy Secretary met energy bosses to discuss the impact of global gas price rises

The Big Zero report

The Business and Energy Secretary is reassuring that the security of the country’s energy supply is not a cause for immediate concern.

That comes after a series of meetings Mr Kwarteng held with energy industry bosses during the weekend.

The main topic of these discussions was the worrying impact of global gas price rises that have created a domino effect on the UK’s energy market in recent weeks.

A few days ago, four small energy suppliers ceased to trade.

And over the weekend the sixth biggest supplier, Bulb announced it was seeking emergency funding to keep trading.

Mr Kwarteng said: “I was reassured that security of supply was not a cause for immediate concern within the industry.

“The UK benefits from having a diverse range of gas supply sources, with sufficient capacity to more than meet demand.

“The UK’s gas system continues to operate reliably and we do not expect supply emergencies this winter.”

The Business and Energy Secretary also had a meeting with Ofgem’s Chief Executive to discuss the current conditions of the energy market.

Mr Kwarteng added: “I understand this will be a worrying time for businesses and consumers. We are working hard to manage the impact of global gas price rises.

“Unfortunately, small energy suppliers are facing pressure due to sudden increases in global gas prices. If a supplier fails, Ofgem will ensure customers’ gas and electricity supply will continue uninterrupted.”

Wholesale gas prices and the action the government is taking to protect energy suppliers and consumers will also be discussed today in a BEIS-organised roundtable with the energy industry and consumer groups.

If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter. 

Latest Podcast