Rolling coverage of the latest economic and financial news
- Latest: Business secretary Kwasi Kwarteng
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Kwasi Kwarteng insists that the government will not ditch the energy price cap, despite the rising wholesale energy costs.
There are some very good companies out there, and the industry can support itself, he tells the Business, Energy and Industrial Strategy Committee
I have absolutely rebuffed that.
I’ve said the price cap is here to stay. We’re not moving it. And they have to work within that context.
Asked about Russia’s behaviour in the gas industry, Kwasi Kwarteng says the best way to be resilient is to have a diverse and secure energy supply market.
That including renewables and new energy sources such as hydrogen.
Diversity of supply will protect us against any shocks to the system which may deliberately be orchestrated by Mr Putin’s regime.
