October 22, 2021

Beyond Going Long

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As Britain faces a sharp rise in energy prices, the government has called for extraordinary talks

As Britain faces a sharp rise in energy prices, the government has called for extraordinary talks

The British government is looking for ways to support energy companies facing a sharp rise in gas prices.

Commerce Minister Kwazi Quarteng will hold extraordinary talks with representatives of industry and consumer organizations convened on Monday.

The collapse of four companies

He said Sunday that distribution companies will ensure that energy regulators reach gas and electricity customers in times of trouble. The sudden rise in global gas prices in the UK in recent weeks has failed four small energy companies.

Total gas prices in the country have tripled this year. This was due to high energy demand at a time when the global economy was recovering and supply disruptions due to U.S. tropical storms and planned maintenance.

Delivery from Norway is sufficient

British officials insist that domestic gas production and supplies from Norway are sufficient to meet the country’s energy needs.

According to the British media, some large energy companies are likely to sell customers of failed suppliers temporarily to a state-owned company later.

Another possibility is that the government will provide credit guarantees to large energy distributors so that they can capture customers of bankrupt companies.

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