Summary

  • Newly appointed Deputy Prime Minister Dominic Raab takes questions in Boris Johnson's place at today's PMQs

  • Labour's deputy party leader Angela Rayner pressed him on rising prices as she stood in for Keir Starmer

  • Business Secretary Kwasi Kwarteng is appearing before a committee of MPs considering issues raised by rising gas prices

  • He says protecting consumers from "exorbitant prices" is a priority, but the industry must step up to keep prices down

  • He says companies should look at their own management, rather than "stretch out a hand for taxpayers' money"

  • Jonathan Brearley from Ofgem says hundreds of thousands of customers may be left in limbo if more energy suppliers go bust

  • The government has agreed to pay millions in operating costs for a factory to restart the production of CO2 - vital for fresh food supply

  • CF industries halted production at two of its factories because of soaring gas prices

Live Reporting

Edited by Johanna Howitt

  1. Extremely difficult to predict gas prices - energy regulator

    Ofgem's chief executive, Jonathan BrearleyHoC

    Ofgem's chief executive, Jonathan Brearley is giving evidence by video link

    Energy regulator, Ofgem's chief executive, Jonathan Brearley, has started answering questions from MPs on the Business Select Committee.

    He's asked if he agrees with the PM's claim that the increase in gas prices will only be temporary.

    He says "it's extremely difficult to predict the future of the gas price" because there have been some "unprecedented changes over the last few months" in terms of cost.

    This is due to an increase in international demand and potentially some issues around supply he says

    Ofgem is making sure it has arrangements in place to cover any scenario, he adds.

    He says the industry has face a "six-times change" in the gas price. He says Ofgem is making sure it plans for "all scenarios" and it has the right systems in place.

  2. Government to pay millions to restart CO2 supplies

    CF Industries fertiliser plant in Stockton-on-Teesget

    CF Industries fertiliser plant is in Stockton-on-Tees

    No doubt the MPs will ask Kwasi Kwarteng about the tens of millions of pound the government has said it will give to restart production of carbon dioxide at a key plant in the UK.

    The government will meet the full operating costs to run CF Industries' Teesside plant for three weeks, amid fears over food supplies and the nuclear industry.

    US-owned CF Industries recently shut two sites that produce 60% of the UK's commercial carbon dioxide supplies.

    The plant in Billingham will need up to three days to start producing new CO2.

    Environment Secretary George Eustice told the BBC that the deal with CF Industries "will be not a loan, it will be a payment to underwrite some of their fixed costs".

    Read more here.

  3. MPs examine government response to gas price rises

    Darren Jones MPHouse of Commons

    Chair of the BEIS committee Labour MP Darren Jones

    The Business, Energy and Industrial Strategy Committee (BEIS) has just started is hearing on the UK gas market and how the government aims to support the energy industry and to protect consumers.

    The session started a few minutes ago, with representatives from Ofgem, Energy UK and National Energy Action.

    Business Secretary Kwasi Kwarteng will be giving evidence from 11:30 BST. He will be joined by Joanna Whittington, the director general for energy and security from his department.

    Ahead of the meeting, chair of the committee Darren Jones said: “Gas price hikes are already having a significant impact on industry, raising major concerns for millions of households who face rising bills, and posing serious questions about the resilience of the UK energy market.

    “Given these pressures, and the range of measures which ministers are considering to support the energy industry, it’s important we hear directly from the secretary of state on the detail of the government’s approach and what financial measures have been approved by the chancellor.

    “We will also want to question Ofgem on their role, hear directly from the energy industry, and understand what low-income households need to help them from the fall-out of these energy price rises.”

    The panel are giving evidence by video linkHoC

    The panel are giving evidence by video link

  4. UK's CO2 supply - in pictures

    GFX.

  5. Minister says rising gas prices won't have 'significant impact' on food prices

    George EusticeReuters

    Environment Secretary George Eustice

    The Environment Secretary George Eustice was asked this morning if he could guarantee that there would be no shortage of carbon dioxide in three weeks’ time for those companies and industries that require it.

    He said: “Yes, because the industry is going to have to pay more and they recognise it”.

    Speaking on BBC Radio Four's Today programme he said: “The critical thing was to get the production up and running expeditiously that is why we have needed this government intervention.”

    He added: “In the short term everyone who uses carbon dioxide and it is a critical ingredient for many of those sectors, will have the carbon dioxide they need.”

    Asked if an increase of gas prices will increase on food prices, Eustice said: “Because we live in a market economy and because gas prices have increased, yes the carbon dioxide price is also going to have to increase to ensure that these plants can continue to operate.

    He added: “I don’t think it will have a significant impact on food prices” and stated that the current rises were “principally due to global commodity prices, oil prices and also other factors such as labour shortages”.

  6. Good Morning

    Welcome to our live coverage from Westminster

    We’re kicking things off a little earlier than usual this week.

    Before we get to our regular coverage of Prime Minister’s Questions, the Business Secretary Kwasi Kwarteng will face MPs on the Business, Energy and Industrial Strategy Committee to discuss the current issues affecting the UK gas market.

    We’ll bring you a flavour of what is said in the committee hearing, and then at 12:00 BST we'll turn to our full coverage of PMQs.

    But things will be a little different in the Commons today.

    With the PM still in the US, newly appointed Deputy Prime Minister Dominic Raab will take Boris Johnson’s place at the despatch box.

    And Angela Rayner will stand in for Keir Starmer on Labour's front bench.

    Do stay with us.