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

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

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Economy 58 minutes ago (Sep 08, 2022 12:37)

© Reuters. FILE PHOTO: New British Chancellor of the Exchequer Kwasi Kwarteng walks outside Number 10 Downing Street, in London, Britain September 6, 2022. REUTERS/Toby Melville

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)

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

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