Make Kitco Your Homepage

UK's Energy Markets Financing Scheme closes after no applications

Kitco News

LONDON, Jan 27 (Reuters) - Britain's finance ministry said on Friday that the Energy Markets Financing Scheme - which it launched last year with the Bank of England to help energy firms cope with surging power prices - had received no applications and had closed.

"Since the launch of the scheme, prices in the wholesale gas markets have declined markedly and this has reduced some of the pressure facing eligible energy firms," the Treasury said.

The ministry and the BoE would continue to monitor developments in energy markets, it said in a statement.

The programme was open for applications between Oct. 17 and Jan. 27.

Writing by William Schomberg; editing by David Milliken
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.