Some of the UK’s biggest energy companies could be offered state-backed loans in return for taking on customers from smaller suppliers if they go under, as soaring global gas prices throw the industry into crisis, the business secretary has told Sky News.
Speaking to Kay Burley, Kwasi Kwarteng also said that the carbon dioxide shortage that has affected some food and drink production could be solved by the end of the week.
Questioned about the energy crisis, Mr Kwarteng said there are “lots of options” at the disposal of ministers.
“It costs a company to absorb up to hundreds of thousands of customers from another company that’s failed, that costs money, and there may well be a provision for some sort of loan and that’s been discussed,” he said.
But the business secretary stressed he did not want to be “throwing taxpayers’ money” at companies which have been “badly run”.
“Every year between five and eight companies exit the market and I don’t want to prop up failing companies, I don’t want there to be a reward for failure,” he added.Internet Explorer Channel Network