UK Government Rules out Bailout for ‘Badly Run’ Energy Firms

Kwasi Kwarteng, Secretary of State at the Department of Business, Energy, and Industrial Strategy, speaking during a press conference at Cheshire, England, on July 6, 2021. Peter Byrne/PA

The British government has said it has no intention to bail out energy firms that are struggling amid rising wholesale gas prices.

Wholesale gas prices have increased by 250 percent since January, with a 70 percent rise since August alone, leading to the demise of some smaller energy firms.