In a joint statement, energy regulator Ofgem and Business Secretary Kwasi Kwarteng admitted the high gas prices are “a cause of concern” for consumers.
But they added that supply wasn’t the issue, merely the high cost of gas in the current wholesale market.
Gas prices have reached record highs due to a number of factors. Global demand has risen significantly as economies open up due to the ease in Covid-19 restrictions and a cold winter last year, means the gas market is facing reduced capacity.
This, in combination with lower than usual gas supply from Russia and the rescheduling of maintenance projects from 2020 to this year have caused wholesale gas prices to shoot up by 250 per cent since January, according to industry group Oil & Gas UK.
“This morning [Monday 20 September] we hosted a roundtable with leading energy suppliers and consumer groups to hear about the challenges they currently face,” the statement reads.
“There was overarching consensus...