Call to scrap cap
ScottishPower boss says 20 energy suppliers at risk
Keith Anderson: ‘we are facing a massacre’ (pic: Terry Murden)
Britain could lose at least 20 energy suppliers in the next month alone unless the government reviews the energy price cap, according to ScottishPower chief executive Keith Anderson.
In a series of interviews, Mr Anderson said the market could return to half a dozen players who had the scale to withstand shocks to the system.
Already 13 British suppliers have collapsed affecting more than two million customers after wholesale prices of natural gas rocketed as economies reopened from COVID-19 lockdowns.
At the turn of the year there were more than 50 smaller independent energy suppliers who shared 30% of the market.
At the same time high demand for liquefied natural gas in Asia cut supplies supplies to Europe.
“There is a significant risk you could see the market shrink all the way back to five to six companies,” said Mr Anderson.