It’s going to be a long, expensive winter, and next year’s not looking cheap

The UK cannot afford to take keeping the lights on, or economic growth, for granted, writes Anna Isaac

Thursday 07 October 2021 21:30
<p>High gas prices are not going away any time soon </p>

High gas prices are not going away any time soon

The idea that the spike in gas prices last month was a one off, with little consequence for the winter ahead, has proven short-lived.

More of the UK’s energy suppliers will be going bust this winter, and not just those which may have failed to responsibly hedge their portfolio of consumers’ needs, according to Emma Pinchbeck, chief executive of industry body, Energy UK, speaking at its annual conference on Thursday. Jonathan Brearley, chair of the energy regulator Ofgem, agreed, saying that “given the continued volatility of the market it is likely that more suppliers will exit the market”.

Yet, despite the gloom, business secretary Kwasi Kwarteng was resolute in saying there would be no bailouts for suppliers that go to the wall this winter.

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