UK hasn't been complacent about energy market risks, minister says

"We haven't been complacent, the whole point about the supplier of last resort process, which was interrogated last year, is that it's an organised process, well established, which can allow existing strong companies to absorb our customers in failure," Kwasi Kwarteng told lawmakers. He said the solution to the crisis would come from the industry and the markets.

Britain has not been complacent about the vulnerability of its retail energy market, which is seeing some suppliers fail in the wake of soaring wholesale gas prices, the business and energy minister said on Thursday. "We haven't been complacent, the whole point about the supplier of last resort process, which was interrogated last year, is that it's an organized process, well established, which can allow existing strong companies to absorb our customers in failure," Kwasi Kwarteng told lawmakers.

He said the solution to the crisis would come from the industry and the markets. "Government will not be bailing out failed energy companies," he said.