‘No storage in the world is going to mitigate the effect of the quadrupling of the gas price”

Speaking in the House of Commons, the Business Secretary said for the second time that more suppliers will exit the market in the coming weeks

The Big Zero report

There is no way that any storage in the world is going to mitigate the effect of the quadrupling of the gas price in four months.

That’s the suggestion from the Business Secretary who was asked earlier today in the House of Commons if the lack of UK gas storage was one of the factors that brought the energy market to the edge of the cliff.

Kwasi Kwarteng said: “The answer to this is to get more diverse sources of supply, more diverse sources of electricity through non-carbon sources. Through nuclear, which I am still very unclear as to what the opposition party views are on nuclear and through other sources of decarbonised energy.”

The Business Secretary also reiterated his expectation that “we may, unfortunately, see more suppliers exit the market in the coming weeks.

“And the solution to this crisis will be found from the industry and the market – as is already happening, and government, I repeat, will not be bailing out failed energy companies.

“Lastly, we would like to see a competitive energy market which can deliver choice and lower prices.”

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