Thread by @KwasiKwarteng

Today I met the chief executive of @Ofgem who has assured me of the well-rehearsed plans in place to protect the market and consumers.

I understand this will be a worrying time for businesses and consumers. We are working hard to manage the impact of global gas price rises (1/7)

Unfortunately, small energy suppliers are facing pressures due to sudden increases in global gas prices. Four small suppliers have ceased to trade in recent weeks.

If a supplier fails, Ofgem will ensure customers’ gas and electricity supply will continue uninterrupted (2/7)

Our priority is to protect consumers.

If a Supplier of Last Resort is not possible, a special administrator would be appointed by Ofgem and the Govt.

The objective is to continue supply to customers until the company can be rescued or customers moved to new suppliers (3/7)

The Energy Price Cap is in place to protect millions of customers from the sudden increases in global gas prices this winter.

Initiatives such as the Warm Home Discount, Winter Fuel Payments and Cold Weather Payments will help further (4/7)

Energy security will always be our absolute priority.

The UK benefits from having a diverse range of gas supply sources – both domestic, and from reliable import partners such as Norway.

I am confident security of supply can be maintained under a wide range of scenarios (5/7)

Today I have also met Tony Will in person, the global CEO of @CFIndustries - our largest domestic supplier of CO2.

We discussed the pressures the business is facing and explored possible ways forward to secure vital supplies, including to our food and energy industries (6/7)

Tomorrow I will host a roundtable with the energy industry and consumer groups, followed by a number of meetings with colleagues across Government.

Read more about the wider situation affecting Europe, including the UK, as well as other countries 👇🏿

gov.uk/government/new…