Below are readouts and statements from the PM, Chancellor, and Business Secretary’s electrical roundtable this morning.
Prime Minister Boris Johnson said:
“Countries around the world are feeling the impact of Putin’s damaging war in Ukraine. We know that this will be a difficult winter for people across the UK, which is why we are doing everything we can to support them and must continue to do so.
“Following our meeting today, we will keep urging the electricity sector to continue working on ways we can ease the cost of living pressures and to invest further and faster in British energy security.
“We are continuing to roll out government support over the coming months, including the second £324 instalment of the cost of living payment for vulnerable households, extra help for pensioners and those with disabilities, and the £400 energy bills discount for all households.”
Chancellor of the Exchequer, Nadhim Zahawi, said:
“This morning I hosted industry leaders from the electricity sector to discuss what more they can do to work with Government and act in the interest of the country in the face of rising prices caused by Putin’s illegal invasion of Ukraine.
“We have already acted to protect households with £400 off energy bills and direct payments of £1,200 for 8 million of the most vulnerable British families. In the spirit of national unity, they agreed to work with us to do more to help the people who most need it.”
Readout:
- This morning, the Prime Minister, Chancellor Nadhim Zahawi, and Business and Energy Secretary Kwasi Kwarteng met with industry executives from the electrical sector to consider what more can be done to assist those suffering with increasing energy costs.
- The Prime Minister, Chancellor, Business Secretary, and Energy Secretary emphasised the need to act in the national interest in the face of rising energy prices caused by Putin’s illegal invasion of Ukraine and the importance of the West continuing to support the Ukrainian people in their fight for survival.
- In the next weeks, the Chancellor and energy companies will collaborate closely to ensure that the public, notably vulnerable consumers, are supported when extraordinary global events push up energy prices.
- This year, the government is providing £37 billion in aid to assist families cope with the growing cost of living, including £1,200 for the most disadvantaged households over the course of the year and £400 off everyone’s energy bills beginning in October.
- It was emphasised that the market does not always perform for customers, and energy businesses would eventually be harmed by excessively high costs.
- In accordance with the Energy Security Strategy, the government has initiated a consultation to advance market changes and improve the market’s functionality for consumers. The discussion was on how the government and business should together advance changes to guarantee the market provides cheaper pricing.
- Prime Minister, Chancellor, and Business and Energy Secretary all emphasised the significance of investing in North Sea oil and gas, renewables, biomass, and nuclear power in order to bolster our domestic energy security.
- The Chancellor noted that the government continues to analyse the unusual gains witnessed in specific segments of the power generating industry, as well as the relevant and proportional measures to be taken.
- Significant budgetary decisions will be the responsibility of the future Prime Minister, the Prime Minister said.
The following organisations were represented in the meeting:
- EDF
- RWE
- E.ON
- Drax
- Orsted
- Uniper
- National Grid
- SSE
- ScottishPower
- Centrica
- Octopus Energy
- Vitol
- Intergen
- Greencoat Capital
- Energy UK