‘No question of the lights going out’

THERE is “absolutely no question of the lights going out” this winter amid escalating energy prices, the Business Secretary has said.

Kwasi Kwarteng, addressing MPs after holding crisis talks with the industry amid fears more small suppliers could go to the wall, said it was “alarmist” to suggest that people would not be able to heat their homes in the colder months, as he assured that the UK’s energy supply had “sufficient capacity” to meet demand.

Wholesale prices for gas have surged 250% since January, with a 70% rise since August alone – leading to calls for support from the industry and the collapse of some smaller energy firms.

But Mr Kwarteng insisted the Government will “not be bailing out failed companies” as a result of the crisis and said the energy cap will “remain in place” to protect consumers from “sudden” price rises.

Speaking in the Commons, Mr Kwarteng said Britain has a “diverse range of gas supply sources”, adding: “We have sufficient capacity, and more than sufficient capacity, to meet demand and we do not expect supply emergencies to occur this winter

“There is absolutely no question of the lights going out or people being unable to heat their homes. There will be no three-day working weeks or a throwback to the 1970s.

“Such thinking is alarmist, unhelpful and completely misguided.”

The Government is holding firm on the energy price cap despite industry fears of further collapses, with four firms already going bust.