Together Energy at risk as rescue hopes fade
Together Energy is at risk of becoming the latest casualty of soaring wholesale energy costs as it struggles to finance a rescue deal.
The Clydebank-based company, half owned by a local authority in northwest England, has 170,000 customers and is faced with running out of money without an emergency capital injection.
A source close to a process told Sky News that Alvarez & Marsal (A&M), the professional services firm, was close to concluding its hunt for new funding and that the prospect of a solvent deal was now remote.
If it does collapse, Together Energy would become the 26th energy supplier to cease trading since August as the energy price cap makes them unable to keep up with rising wholesale costs.
The likely outcome is for it to be placed in regulator Ofgem’s Supplier of Last Resort (SOLR) process, with other suppliers asked to bid to take on its customer base.
The firm made a near £4m loss in the year to October, 2020 after a £11.4m deficit the previous year.