Gas price rise: Government considering loans for energy firms

The government is considering offering emergency state-backed loans to energy companies as firms battle to stay afloat amid surging gas prices.

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Smaller suppliers face ruin as price hikes have made their price promises to customers undeliverable.

The process for dealing with failing firms is under pressure as adopting customers has become unattractive for surviving companies due to price rises.

The loans are expected to be offered to encourage firms to take on customers.

Boris Johnson, who is in New York for a UN General Assembly meeting, told reporters: "We've got to try and fix it as fast as we can, make sure that we have the supplies that we want, make sure that we don't allow the companies we rely on to go under.

"We'll have to do everything we can, but this will get better as the market starts to sort itself out as the world economy gets back on its feet."

Mr Johnson said he was "very confident" in the UK's supply chains.

The prime minister said the supply problems stemmed from the economy around the world waking up after pandemic lockdowns, "like everybody going back to put the kettle on at the end of the TV programme".

But a senior executive at one of the UK's largest energy companies described an estimate that 10 energy companies would survive this as "optimistic".

Several energy suppliers are batting to stay in business, with the UK's sixth largest energy company Bulb seeking a bailout to stay afloat.

Four other smaller firms have ceased trading in recent weeks, and four more are expected to go out of business next week.

The proliferation of new energy retailers, set up to challenge the bigger players, had been considered by past and present governments as a triumph of competition in a competitive market.

The bigger energy providers have the financial resources to take out insurance - or hedge - against the risk of a spike in energy prices. Smaller players have been unable or unwilling to spend the money to guard against a price shock.