Bloomberg : There is no immediate concern about fuel supplies running short for consumers in U.K. Conservative MP Alok Sharma said Sunday.
Sharma, president of the COP 26 climate initiative, also told Sky News that government officials don t see any risks going into winter from rising gas prices about to hit British households.
People should be confident that the supplies will be there and that we will be protecting them in terms of price rises, Trevor Philipps said on Sunday. But of course, we re not complacent about this. Top U.K. officials are in regular talks which will continue into Monday, led by Kwasi Kwarteng.
Kwarteng met senior executives from energy companies and regulators on Saturday to discuss the jump in gas prices that threatened to disrupt suppliers and shut industries from fertilizer to meat.
He was to meet with U.K. energy regular OFGEM on Sunday and hold further talks with executives to plan a way forward.
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The squeeze in supplies and the price rise forced at least five U.K. suppliers to shut down.
He assured the executives there was no threat to supplies as the country moves into colder winter months.
Ofgem has robust measures in place to ensure that customers do not need to worry, their needs are met and their gas and electricity supply will continue uninterrupted if a supplier fails, the government said in a statement.
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Natural gas is crucial for energy generation for homes and industries and heating in winter, with more than 22 million households connected to the grid by 2020.
Bills will go up for 11 million households in October, pressuring an inflation rate that has unexpectedly accelerated above the Bank of England's 2% target.