Energy price cap to be placed on UK
A special administrator will be appointed to make sure customers continue to receive energy until they can be moved to a new supplier, according to business secretary Kwasi Kwarteng.
He said the energy price cap will protect millions of customers from the sudden increase in costs.
“Energy security will always be our absolute priority.
“The UK benefits from having a diverse range of gas supply sources – both domestic, and from reliable import partners such as Norway.
“I am confident security of supply can be maintained under a wide range of scenarios.”
Boris Johnson promises gas shortage is temporary
Boris Johnson has promised any supply shortages are "only temporary" and insists he is "very confident" in our supply chains despite nationwide empty shelves.
The prime minister said: "They are caused by the resurgence of the global economy as Covid starts to retreat in parts of the world.
"Particularly in Asia there is a phenomenal demand for gas.And you’re seeing that demand affect supply around the world. That’s basically what’s going on.
“As the world economy starts firing on all cylinders — to use a hydrocarbon metaphor — things will start to smooth out.”
He added: “I have no doubt that supply issues will be readily addressed. We’re very confident in our supply chains."
'Our priority is to protect consumers' vows business secretary
Business Secretary Kwasi Kwarteng said regulator Ofgem yesterday had assured him there are “well-rehearsed plans in place to protect the market and consumers”.
Mr Kwarteng, who is meeting around 20 energy companies for talks today, said: “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 pressures due to sudden increases in global gas prices.
"Four small suppliers have ceased to trade in recent weeks.
“If a supplier fails, Ofgem will ensure customers’ gas and electricity supply will continue uninterrupted.
"Our priority is to protect consumers.”