Below is a readout and quote following the Chancellor’s meetings with Energy Generation companies during w/c 22nd August.

Chancellor of the Exchequer, Nadhim Zahawi, said: “I know that today’s energy price cap announcement will be causing stress and worry for many people.

Direct support is on its way, including the second instalment of the £650 cost of living payment for vulnerable households, extra help for pensioners and those with disabilities, and the £400 energy bills discount.

“In the face of rising energy prices, driven by Putin’s brutal and illegal war in Ukraine, we must work together in a spirit of unity. That is why I have sat down individually with some of the UKs largest energy companies this week to make sure that we are doing all we can to help people and I’ve been working flat out to make sure that the new Prime Minister can deliver support to those who need it most, as soon as possible.”

Readout:

  • This week the Chancellor held meetings with energy generation companies and manufacturers as part of on-going discussions about what more can be done to ensure that the market is functioning effectively for consumers, what energy companies can do to support consumers as prices rise and in the longer term what the Government can do to support the growth and prosperity of our vital energy sector.
  • These meetings followed a roundtable with industry leaders from the electricity generation sector this month where the Chancellor agreed to work closely to ensure that the public, especially vulnerable customers, are supported as the brutal Russian invasion of Ukraine drives higher energy costs.
  • The Chancellor stressed that Putin is driving up energy prices in revenge for our support of Ukraine and his focus was to develop options for further support so that the incoming Prime Minister can hit the ground running and deliver support to those who need it most.
  • While he noted the contribution that the energy generation sector has made to the vital energy security of the country, the Chancellor was also clear that energy companies need to do more to support their customers, rather than relying on customers changing their behaviour or expecting government alone to help consumers.  
  • He also stressed that the Government was working at pace to tackle the challenges that households and businesses face as energy prices rise, by providing a £37bn support package.
  • The Chancellor pushed the energy generation companies to invest more in the UK to increase energy supply, a vital component of reducing prices, while also creating high skill, high wage jobs of the future.
  • The energy companies acknowledged that the industry will need to make a contribution to ensure consumers are supported as energy prices rise.
  • Engagement between industry representatives and officials will continue, feeding into ongoing policy development taking place across government

Meetings were held with:

  • Ørsted
  • Newcleo
  • EDF
  • RWE
  • Xlinks.
  • ITM Power
  • Johnson Matthey
  • Rolls Royce