Kwasi Kwarteng, Business Secretary, will meet with representatives from the industries that consume most energy, including steel, cement, and chemicals.

They also called for the assistance of government officials to reduce costs and preserve plants.

Both households and businesses are affected by rising energy prices.

A charity stated Thursday that fuel poverty could affect an additional 1.2 million-1.5 million households next year.

The energy price cap was increased to account for the steeply increasing wholesale gas prices at the beginning of October.

Ofgem, an energy regulator said that the price cap will have to be raised again in the next year if the prices keep rising.

Analysts at Cornwall Insight warned that volatile gas prices and the possible collapse of even more suppliers could see prices increase by 30% and push the energy price cap from its current level of £1,277 to around £1,660 in spring.

Northern Ireland households have seen an increase in their energy bills in recent months, however they are not covered by the Energy Price Cap for Great Britain.

  • How can I help my energy supplier go bankrupt?
  • The energy price cap: What is driving fuel costs up?
  • After Russia’s intervention, gas prices in the UK have fallen to a record low.
  • Companies warn about price increases as energy prices soar

On Twitter, Mr Kwarteng stated that protecting consumers against rising gas prices is “his highest priority.”

He said he also planned to meet with Energy Intensive Users Groups (EIUG), Friday.

This group comprises representatives from UK Steel, Chemical Industries Association and Confederation of Paper Industries.

Two fertiliser plants were forced to close last month due to high gas prices. This has reduced carbon dioxide supplies, which are widely used for food production.

Source Link


Please enter your comment!
Please enter your name here