Today, I’ve held a series of individual meetings with senior executives from the energy industry to discuss the impact of high global gas prices.
I was reassured that security of supply was not a cause for immediate concern within the industry. (1/7)
I was reassured that security of supply was not a cause for immediate concern within the industry. (1/7)
The UK benefits from having a diverse range of gas supply sources, with sufficient capacity to more than meet demand.
The UK’s gas system continues to operate reliably and we do not expect supply emergencies this winter. (2/7)
The UK’s gas system continues to operate reliably and we do not expect supply emergencies this winter. (2/7)
Protecting customers during a time of heightened global gas prices is an absolute priority.
The Energy Price Cap exists to protect millions of customers.
Initiatives such as the Warm Home Discount, Winter Fuel Payments and Cold Weather Payments will help further. (3/7)
The Energy Price Cap exists to protect millions of customers.
Initiatives such as the Warm Home Discount, Winter Fuel Payments and Cold Weather Payments will help further. (3/7)
Some energy companies are facing pressure. 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. (4/7)
Energy security is an absolute priority. We are confident supply can be maintained.
Our largest single source of gas is from domestic production, and the vast majority of imports come from reliable suppliers such as Norway.
We are not dependent on Russian oil and gas (5/7)
Our largest single source of gas is from domestic production, and the vast majority of imports come from reliable suppliers such as Norway.
We are not dependent on Russian oil and gas (5/7)
However, our exposure to volatile global gas prices underscores the importance of our plan to build a strong, home-grown renewable energy sector to further reduce our reliance on fossil fuels.
Renewable energy has quadrupled since 2010, but there is more to do (6/7)
Renewable energy has quadrupled since 2010, but there is more to do (6/7)
Tomorrow morning, I will meet Ofgem again to discuss this in more detail.
On Monday, I will convene a roundtable with industry to plan a way forward.
I will remain in constant contact with colleagues across Govt to manage the wider implications of the global gas price increase.
On Monday, I will convene a roundtable with industry to plan a way forward.
I will remain in constant contact with colleagues across Govt to manage the wider implications of the global gas price increase.
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