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EXPLAINED: WHY IS THERE A GAS SHORTAGE?

Business Secretary Kwasi Kwarteng held talks with energy suppliers at the weekend and is planning an emergency summit with gas industry heads on Tuesday, September 20, 2021, o discuss how to curtail spiralling gas prices.

It comes as Industry group Oil & Gas UK said wholesale prices for gas are up 250 percent since January, according to a BBC report.

Bulb, the UK’s sixth-largest power company with 1.7 million customers has also sought a bailout from the government.

No 10 is considering emergency state-backed loans to help firms weather the recent dramatic surge in prices while smaller suppliers face collapse.

On Sunday, COP26 President Alok Sharma told the BBC’s Andrew Marr show: “We do not see risks of supplies right now and prices are being protected.

“We have the energy price cap, we have the warm homes discount, to protect people at this particular time.”

Source: thesun

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