Markets rally as Evergrande fears ease; CO2 prices to rise sharply – business live | Business


The CEO of energy regulator Ofgem has told MPs that more energy firms are likely to stop trading due to the energy price surge.

Jonathan Brearley told the Business, Energy & Industrial Strategy Committee that Ofgem is planning for any eventuality, and that there is a lot of pressure on the sector right now due to the jump in energy prices.

Q: What gives the prime minister the confidence to say this will be a temporary issue?

Brearley says history shows that price spikes do go away. But that’s not something Ofgem would rely on – it has to plan for a whole range of scenarios.

Business, Energy and Industrial Strategy Committee

This morning from 10:30 we’re talking to @ELPinchbeck, @Ofgem, @NEA_UKCharity and, from 11:30, Secretary of State @KwasiKwarteng about issues affecting the UK Gas Market.

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September 22, 2021

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