Gas prices and energy suppliers
Statement on UK gas prices and energy suppliers by the Secretary of State for Business, Energy and Industrial Strategy, Kwasi Kwarteng.
Mr Speaker, I came before the House on Monday to update colleagues on the action we’re taking and appeared before the BEIS Select Committee yesterday to discuss the matter in greater depth.
The government has been clear that protecting consumers is our primary focus, and shapes our entire approach to this issue. We will continue to protect consumers with the Energy Price Cap.
The global gas situation Mr Speaker has had an impact on some energy suppliers, and I have been in touch daily with Ofgem, and as they set out yesterday, there are more than 50 suppliers in the domestic market and we may, unfortunately, see more suppliers exit the market in the coming weeks.
But it is not unusual for energy suppliers to leave the market for various reasons - particularly when wholesale global prices are rising.
Ofgem and government have clear, well-rehearsed processes in place to make sure that all customers are supplied with energy.
Our approach will be informed by the following principles: protecting customers, especially vulnerable ones, from price spikes.
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.
The energy price cap – which continues to protect millions of customers - will remain in place.
And very finally, consumers Mr Speaker come first, and this has always been the centre piece of our approach.