Energy supplier, Green, rallies for customer support against Kwasi Kwarteng as Business secretary no-confidence petition started.
With the recent firing up of the UK’s coal-fired power stations, the power plants are not alone in feeling the heat caused by the current Energy Crisis gripping the UK.
Green Energy are among a series of Energy Suppliers dismayed by the business secretary stance on the present energy crisis and are asking customers to sign a petition for a vote of no confidence in Business Secretary Kwasi Kwarteng.
Kwarteng was aware of the pressure on suppliers back in March 2020 and has recently stated that small energy firms would be allowed to go bankrupt. These supplier customers would then be auctioned off to the cheapest alternative remaining supplier leaving potentially millions of residential and business customers out of pocket and risking the livelihood of thousands of employees.
As wholesale energy prices soar, the full scope of the current energy crisis is being realised. Supply chains already impacted by lorry driver shortages are now experiencing further chaos as industrial sectors such as fertiliser plants shut down production due to spiralling Gas prices. Although the immediate impact of reduced fertiliser output might be an obvious longer-term issue for the farming industry and crops, less obvious was the secondary market for CO2, which is causing immediate effects within the UK Food supply chain.
CO2, as a by-product from fertiliser production, is used in a myriad of industries, including food packaging and abattoirs. With no fixed date for production to restart, the short-term effect may result in some food shortages over the coming weeks.
Longer-term, the impact of increased fertiliser costs will result in potential crop shortages and increased food costs next year.
With further increases in wholesale energy costs expected as we head into winter, other industrial sectors will also begin to struggle.
Energy supplier Bulb has recently announced it is now seeking a bailout to secure its business operations. With continuing, wholesale energy price increases, it’s only a matter of time before other smaller suppliers announce they too are in difficulty.
The business secretary no-confidence petition may be adding to the heat felt by Downing Street but, ironically proverbial lumps of coal in cabinet members stockings might be the must-have Christmas gift as Gas prices continue to soar.
Current signatures – Business Secretary no-confidence petition.
At the time of writing the Business Secretary no-confidence petition has received almost 5000 signatures! This number is expected to increase as the Energy Crisis continues to unfold.
At Black Sheep Utilities we constantly analyse the market to ensure we offer the best possible advice to our customers. For some time now, we’ve been advising all our customers to extend their contracts longer term and to organise them earlier as our in-house analysts predicted the current market conditions.