Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to the Department for Business and Trade’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether he made an assessment of the adequacy of the availability of private‑sector investment for Kraken Technologies before providing funding.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether his Department assessed Kraken Technologies’ financial position and capital-raising capacity prior to approving funding.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, what assessment he has made of the financial risks associated with investing in Kraken Technologies.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, what valuation of Kraken Technologies was used when determining the investment.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what mechanisms he has in place to monitor the financial situation of major energy suppliers; and whether any energy supplier has been subject to enhanced monitoring in the last three years.
Answered by Martin McCluskey - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
Ofgem, as the independent regulator, actively monitors the market using both direct and proxy information to identify any risks of supplier failure.
Any reporting relating to Ofgem’s enhanced monitoring is a matter for Ofgem to communicate, given the commercial sensitivity of supplier finances.
In April 2025, Ofgem implemented the final stage of their capital adequacy regime, which includes measures such as requiring suppliers to hold sufficient capital, as well as having control over material assets needed to run their business and enhanced monitoring and reporting commitments. These measures have strengthened the financial resilience of suppliers and the stability of the retail market.
In the event of the failure of a major energy supplier, the Government and Ofgem have robust and well-tested procedures in place to ensure that customers do not experience any disruption to their energy supply. These include the Supplier of Last Resort process, successfully utilised twice in 2025, and the Special Administration Regime (SAR) for a larger supplier failure. In both cases, customers would continue to be supplied by as normal at the lowest reasonably practicable cost.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what contingency plans he has in place for major domestic energy suppliers being unable to meet regulatory obligations.
Answered by Martin McCluskey - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
Ofgem, as the independent regulator, actively monitors the market using both direct and proxy information to identify any risks of supplier failure.
Any reporting relating to Ofgem’s enhanced monitoring is a matter for Ofgem to communicate, given the commercial sensitivity of supplier finances.
In April 2025, Ofgem implemented the final stage of their capital adequacy regime, which includes measures such as requiring suppliers to hold sufficient capital, as well as having control over material assets needed to run their business and enhanced monitoring and reporting commitments. These measures have strengthened the financial resilience of suppliers and the stability of the retail market.
In the event of the failure of a major energy supplier, the Government and Ofgem have robust and well-tested procedures in place to ensure that customers do not experience any disruption to their energy supply. These include the Supplier of Last Resort process, successfully utilised twice in 2025, and the Special Administration Regime (SAR) for a larger supplier failure. In both cases, customers would continue to be supplied by as normal at the lowest reasonably practicable cost.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what monitoring measures his Department employs to assess the risk of market failure in major energy suppliers.
Answered by Martin McCluskey - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
Ofgem, as the independent regulator, actively monitors the market using both direct and proxy information to identify any risks of supplier failure.
Any reporting relating to Ofgem’s enhanced monitoring is a matter for Ofgem to communicate, given the commercial sensitivity of supplier finances.
In April 2025, Ofgem implemented the final stage of their capital adequacy regime, which includes measures such as requiring suppliers to hold sufficient capital, as well as having control over material assets needed to run their business and enhanced monitoring and reporting commitments. These measures have strengthened the financial resilience of suppliers and the stability of the retail market.
In the event of the failure of a major energy supplier, the Government and Ofgem have robust and well-tested procedures in place to ensure that customers do not experience any disruption to their energy supply. These include the Supplier of Last Resort process, successfully utilised twice in 2025, and the Special Administration Regime (SAR) for a larger supplier failure. In both cases, customers would continue to be supplied by as normal at the lowest reasonably practicable cost.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether he has taken steps to ensure that public investment in Kraken Technologies cannot be used to facilitate dividend payments by Octopus Energy.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, what assessment he has made of the potential impact of investment in Kraken Technologies on competition within the UK energy software market.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether Octopus Energy’s compliance with capital requirements was considered when approving investment in Kraken Technologies.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.