UK’s 40 billion stg energy liquidity support to be ‘last resort’

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Published: Sep 8, 2022, 11:38 UTC

LONDON (Reuters) - British wholesale energy suppliers will only be able to access a planned 40 billion pound ($46 billion) liquidity support programme as a last resort, and will be charged a high price to do so, the country's finance ministry said on Thursday.

New British Health Chancellor of the Exchequer Kwasi Kwarteng walks outside Number 10 Downing Street in London

LONDON (Reuters) – British wholesale energy suppliers will only be able to access a planned 40 billion pound ($46 billion) liquidity support programme as a last resort, and will be charged a high price to do so, the country’s finance ministry said on Thursday.

“The scheme will be designed to be used as a last resort and will be structured and priced accordingly. It will be open to firms that can prove that they are otherwise in sound financial health, have a UK presence, and play a significant role in UK electricity or gas markets,” the ministry said.

An opening date for the scheme would be published by the end of October, it added.

($1 = 0.8671 pounds)

(Reporting by David Milliken; editing by William James)

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