UK's Energy Markets Financing Scheme closes after no applications

Electricity pylon near Oxford
An electricity pylon is seen near Oxford, Britain, January 23, 2023. REUTERS/Toby Melville

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

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