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9/23/2021, 10:55 AM (Source: TeleTrader)
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UK preparing for ongoing high gas costs - minister

The United Kingdom's gas crisis may last "longer than a short spike," business minister Paul Scully told Sky News on Thursday, despite previous assurances to the contrary by Prime Minister Boris Johnson.

Following news that another two providers have gone bust, the minister said that wholesale gas costs were putting pressure on the energy price cap. The cap is set to rise to a record level of £1,227 next Friday.

When questioned on what the "worst-case scenario" would be in terms of the rising price cap, the minister said that "this is all part of the conversations that [UK energy regulator] Ofgem will set that cap at, because supply prices are based on a number of factors."

Baha Breaking News (BBN) / IB