After a traumatic week for the UK’s energy market due to the soaring global gas prices, the government is reportedly considering offering emergency loans to energy firms.

According to reports, the loans are expected to encourage energy companies to take on customers of companies that go under administration.

Analysts claim that wholesale gas prices have soared by 250% since January.

During the weekend the Business and Energy Secretary, Kwasi Kwarteng, held a series of meetings with energy bosses and Ofgem’s Chief Executive to discuss the impact of gas price rises on the country’s energy supplies.

After these meetings, Mr Kwarteng reassured the public that the security of the country’s energy supply is not a cause for immediate concern.

Boris Johnson, who is currently in New York to join a UN General Assembly meeting said: “We have got to try and fix it as fast as we can, make sure that we have the supplies that we want, make sure that we don’t allow the companies we rely on to go under.”

ELN has contacted BEIS for a response.

Article source: https://www.energylivenews.com/2021/09/20/government-considers-offering-loans-to-energy-firms/