Results 1–20 of 5000 for speaker:Kwasi Kwarteng OR speaker:Kwasi Kwarteng

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: I came before the House on Monday to update colleagues on the action we are taking, and I appeared before the Business, Energy and Industrial Strategy Committee yesterday to discuss the matter in greater depth. The Government have been clear that protecting consumers is our primary focus and shapes our entire approach to this issue. We will continue to protect consumers with the energy price...

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: Obviously, as usual, the right hon. Gentleman raises a number of issues. We have not been complacent. The whole point about the supplier of last resort process, which was interrogated last year, is that it is an organised, well-established process that can allow existing strong companies to absorb customers and failure. [Interruption.] If he would desist from chuntering from a sedentary...

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: As I have said repeatedly, I do not have a crystal ball, as my right hon. Friend has suggested, and I do not make predictions about the price but clearly, we prepare for every eventuality. The biggest help for consumers and customers at this current time is the energy price cap, which I have repeatedly stated is staying in place.

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: Clearly there was a lot in that question and statement. I will deal with a couple of issues, if I may. With respect to universal credit and wider budgetary considerations, I have repeatedly said that they are matters for my right hon. Friend the Chancellor. We will have ample opportunity to discuss these things in the House. With respect to the move away from fossil fuels, the hon. Gentleman...

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: Again, there are further budgetary issues, but I have always said that we are absolutely focused on customers, particularly the most vulnerable customers. The warm home discount is staying and we are looking to protect the most vulnerable customers, particularly prepaid customers, from the worst effects of the energy price spike.

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: I do not think that it is relevant, because there is no way that any storage in the world will mitigate the effect of a quadrupling of the gas price in four months, as we have seen. The answer is actually getting more diverse sources of supply and electricity through non-carbon sources—through nuclear, on which I am still very unclear as to the Opposition’s view, and through other sources...

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: My hon. Friend is quite right: we did a whole range of interventions to alleviate the burden on consumers and on businesses. Those were fiscal interventions that the Chancellor pursued last year, and I am sure that he is looking at a range of things this year, but that is a matter for him to decide ahead of the Budget.

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: The right hon. Member will know that, in 2020, 48% of our natural gas came from the UK continental shelf, so that is clearly a strong, sustainable source of gas to this country. However, I suggest to him that gas is a transition fuel: in our pursuit of net zero by 2050, we want to transition away from it. That is why we are developing carbon capture and hydrogen, as he knows very well.

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: I see the Chancellor on a regular basis, as my right hon. Friend knows, and I am delighted to inform him that those conversations tend to be confidential.

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: A conference of EU Energy Ministers took place only yesterday to discuss that very problem. Mitigating a quadrupling of the gas price is not a function of storage—that is a complete red herring. One reason why we have less storage is that we have a greater diversity of energy supply, and that is a strength, not a weakness.

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: As I have said, we have a supplier of last resort process that has worked well in the past couple of years. It is not my job to state the terms on which customers are absorbed by other companies—

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: No, not ahead of the process. However, most of these prices are at or just below the price cap, and that is fundamentally what will protect consumers in this period.

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: What I do acknowledge is that there has been a quadrupling of the gas price, and that we have an energy price cap that will protect customers from such spikes. Schemes such as the warm home discount will also protect the most vulnerable customers. That is what I acknowledge.

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: My hon. Friend is absolutely right. For example, the last Labour Government did absolutely nothing to drive nuclear power, which is a fundamental ingredient of security of energy supply.

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: As I have said, we have a supplier of last resort process, and it would be wrong of me here at the Dispatch Box to interfere in how it works. It has worked effectively over the past two years. As I have said repeatedly to the House, the energy price cap does give some succour, because consumers prices could be exorbitant without the cap. The price cap gives support, and we continue to...

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: What happens—and it is happening at the moment—is that there is a process of bidding for the customers of the exiting, failing companies, and the cost of absorbing those customers is taken on by the company that wins the bid and also by the industry at large; so the costs are mutualised, but generally it has been seen that there is always continuity of supply. That is a key element of the...

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: We protect domestic consumers in the way I have outlined, but it is fair for the right hon. Gentleman to raise the issue of industrial users of energy in business. He will know that we have schemes that which protect industrial users of energy: we have the energy industry incentive scheme, and yesterday we launched a new tranche of the industrial energy transformation fund with up to £220...

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: My hon. Friend has made an excellent point. The carbon dioxide crisis—or question in hand—we dealt with immediately. I spoke to the CEO of CF Fertilisers twice, on Sunday and Monday, and we had a solution on Tuesday. I am very pleased that, as a consequence of that solution, the company has managed to get production up and running, and to get people back to work at its plant. My hon....

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: The hon. Gentleman will have seen reports that energy companies want the Government to lift the energy price cap. I have repeatedly resisted that. I have said explicitly, on the Floor of the House and in other places, that the price cap must stay, while also reaffirming our commitment to the warm home discount scheme and the winter fuel payment. We are absolutely focused on keeping consumer...

Gas Prices and Energy Suppliers (23 Sep 2021)

Kwasi Kwarteng: My hon. Friend knows that competition is the key to this market. We had a world that was oligopolistic in this respect, but we have introduced the price cap, and there are plenty of small, nimble entrants driving innovation and a dynamic system. I am absolutely committed to a competitive market, and I am sure that after this process we will still have a vibrant and dynamic energy system.


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