but if you are on a good fixed rate now, for example, you could end up paying quite a lot more. people within the industry insist that protecting consumers is their priority. there is already a mechanism and i know government are working at pace with industry to make sure that if we think the mechanism isn t enough, there will be something else, so the absolute priority is security of supply for people. although energy firms would normally be very happy to take on extra customers, right now they are becoming reluctant. that s because the prices they can charge are capped by the regulator, 0fgem, while the cost of the energy they buy has risen dramatically, meaning they could lose money. but the government insists it won t prop up failing suppliers, and talk of government backed loans to help surviving firms with increased costs has also died down. our approach will be informed by the following principles. protecting customers - especially vulnerable ones from price spikes, and the
a new supplier, we are just gravely concerned who it is going to be, and if it is the likes of british gas, edf or eon, what tariff are we going to be put on, because it will no doubt be significantly more than what we have budgeted for. six suppleiers have now ceased trading since the start of september, affecting nearly 1.5 million households, and more could follow. if your energy supplier does go out of business, it is not as though the gas will stop flowing or your electricity metre will simply grind to a halt, the energy regulator ofgem will simply find you a new supplier, but if you are on a good fixed rate now, for example, you could end up paying quite a lot more. people within the industry insist that protecting consumers is their priority. there is already a mechanism, and i know government are working at pace with industry to make sure that if we think the mechanism isn t enough, there will be something else, so the absolute priority is security of supply for people. altho
grind to a halt, the energy regulator ofgem will simply find you a new supplier, but if you are on a good fixed rate now, for example, you could end up paying quite a lot more. people within the industry insist that protecting consumers is their priority. there is already a mechanism, and i know government are working at pace with industry to make sure that if we think the mechanism isn t enough, there will be something else, so the absolute priority is security of supply for people. although energy firms would normally be very happy to take on extra customers, right now they are becoming reluctant. that s because the prices they can charge are capped by the regulator, ofgem, while the cost of the energy they buy has risen dramatically, meaning they could lose money. but the government insists it won t prop up failing suppliers, and talk of government backed loans to help surviving firms with increased costs has also died down. our approach will be i informed by the following princip
i think the message is, though, there is already a mechanism, and i know government are working at pace with industry to make sure that if they think the mechanism isn t enough, there will be something else. so the absolute priority is security of supply first for people. in the house of commons, ministers said they are preparing for the the worst case scenario as energy companies attempt to deal with the unprecedented rise in gas prices. our approach will be informed by the following principles protecting customers, especially vulnerable ones, from price spikes and the solution to this crisis will be found from the industry and the market, as is already happening, and government, i repeat, will not be bailing out failed energy companies. for the opposition, labour has accused the government of being far too complacent about the gas crisis. on monday, i said to the secretary of state that he was being far too complacent about the situation we are facing. events since have