Kwasi Kwarteng confirmed that in tackling the issue the Government will…
- Look after the interests of consumers especially the poor and the elderly
- Not throw taxpayers money at bailing out failing or badly run energy companies
- Ensure the energy Price Cap remains in place.
The Government minister assured viewers that despite soaring gas prices “security of supply is not an issue”.
The ‘Supplier of Last Resort‘ system would ensure continuity of supply to customers of companies that go bust.
He also said that energy companies could be offered state-backed loans in return for taking on customers from smaller suppliers that have gone out of business.
The Government is also in discussion with CF Industries, the US owned company that produces a large portion of the CO2 needed in Britain by the food industry for pig and chicken slaughter, packaging and brewing.
CF Industries had closed down two of three factories in the UK due to the high gas prices making them uneconomic to run.
This issue is time critical especially for pig and chicken farmers.