Ministers have cautioned energy companies to pass on lower wholesale prices to consumers out of concern that spring bills may increase.

Grant Shapps will tell energy suppliers in a speech that reduced wholesale prices must be reflected in consumer prices with “no ifs, ands, or buts about it.”

The energy secretary will elaborate on his message in a speech, ostensibly as a sign of government concern over the impact of reduced direct support for domestic energy bills.

Shapps stated, “I have one overarching goal in this new position: for the UK to have the cheapest wholesale electricity prices in Europe.”

“This is crucial for consumers, our nation, and the environment,” he added. “Making the most of our position as world leaders in renewables and nuclear technology will protect households from the worst excesses of volatile global fossil-fuel markets. And suppliers must be willing to pass on these savings to customers.”

Due to the impact on cost-of-living pressures, ministers are pressured to postpone the April reduction in support for consumers’ energy bills. Ofgem, the energy regulator, has announced that its energy cap – would decrease by 23% for the three months beginning April 1, from £4,279 to £3,280.

However, due to the reduction in government assistance, the average annual cost paid by a household will increase from £2,100 in April to £3,000 in May.

In recent months, wholesale gas prices have decreased significantly, but the decrease has yet to be reflected in household bills because suppliers purchase their energy months in advance.

Shapps’ speech, excerpts of which were released in advance by his department, will also address broader energy security issues, with a pledge that “Putin and others like him will never again believe they can hold the UK to ransom.” The government has pledged to invest heavily in domestic energy sources, including nuclear power, renewables, and continued extraction of fossil fuels.

Protest groups have vowed to obstruct the latter, and Shapps is expected to promise action against them.

Putin’s march on Ukraine a year ago has shown the world how vulnerable we are to tyrants like him, he will say. “Families have seen the impact on their wallets,” he will say.

“By pursuing this overarching objective of cheaper wholesale electricity, we will be able to power the UK domestically, thereby increasing our energy security and independence.” “And all this will be better for our planet. And it will be this – not eco-extremists like Extinction Rebellion causing disruption and dismay – that causes people to vote with their feet as they see the advantages of achieving net zero.”