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Crisis grows

Ofgem braced for more energy supplier failures

gas, Ofgem, price caps

Soaring gas prices are behind the crisis

Energy industry regulator Ofgem is braced for another spate of supplier failures that could be announce as early as Wednesday.

At least four suppliers are understood to have been in talks with Ofgem on Tuesday about entering its Supplier of Last Resort (SOLR) system.

This would add several hundred thousand more households to a mounting toll of those impacted by soaring wholesale gas prices.

Industry sources have told Sky News that four more companies could cease trading.

Those said to be most at risk include Pure Planet, Ampower, Zebra Energy and Neon Reef

The crisis has so far impacted on companies with more than 1.7 million customers, leaving Centrica’s British Gas, EDF Energy and Octopus Energy to step in and take over their accounts.

Among the companies which have collapsed have been Scotland-based People’s Energy, as well as Igloo Energy, Utility Point and Avro Energy which had 580,000 customers and was the biggest to fall.

Ofgem has lined up restructuring experts from Teneo to act as special administrator if a large supplier should collapse.

See latest here: Two more suppliers fail



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