Liz Truss is gearing up for an overhaul of the energy market as part of a wider package of support with soaring bills.
Renewable energy producers have agreed in principle to accept new long-term contracts at prices well below the current rates, the BBC reports.
The move is seen as a way of capping excessive profits for renewable and nuclear energy generators without imposing a windfall tax.
It will come as part of a broader package of support outlined today, including a freeze on energy bills for households and businesses.
5 things to start your day
1) iPhone 14 launch: Apple hikes prices by £150 for UK customers The tech giant has increased the launch price of its iPhones in the UK by up to £150.
2) TikTok is ‘a tool of espionage and must be banned in the West’ Boss of German publisher claims the social media app is controlled by China’s communist party
3) Heineken buys out Led Zeppelin son’s craft brewery Logan Plant’s Beavertown joins long list of British independents snapped up by beer giants.
4) The housing market can still avoid a crash – here’s how The dire economic situation is taking a toll on the property market but there are still supports which may prevent a crash.
5) Putin threatens to ‘freeze’ Europe with total energy cut-off – Russian leader vows to stop all supplies if Brussels goes ahead with price cap on his gas
What happened overnight
Most Asian markets enjoyed a rare advance on bargain-buying on Thursday.
Tokyo led the gains, helped by data showing the Japanese economy performed better than initially thought in the second quarter, while there were also gains in Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei, Manila and Jakarta.
Hong Kong bucked the trend.
Coming up today
Corporate: Genus (full-year results), Energean, International Public Partnerships, Melrose Industries, Spire Healthcare, Vistry Group (interims), Safestore Holdings, (trading statement)
Economics: ECB interest rate decision (EU), jobless claims (US)