Two more UK energy suppliers go under due to record wholesale gas prices. Collapse of BP-backed Pure Planet and specialist provider Colorado Energy brings total of failures to 12 since August.
FT 13th Oct 2021 read more »
Ofgem will reportedly announce soon that four more energy suppliers will cease to trade. Sky News reported that the energy market regulator is already in talks with four energy firms to activate its Supplier of Last Resort mechanism.
Energy Live News 13th Oct 2021 read more »
Fears are growing over a fresh wave of energy supplier collapses after a key gas supplier said it was exiting the market. Glencore-backed CNG, which supplies wholesale gas to utilities customers, said it had been “forced into an impossible position” after many of its clients ceased trading. There are still around 18 CNG customers that will now need to seek alternative sources of gas. The move sparks fears over further turmoil in the energy market. Two more suppliers – Colorado Energy and BP-backed Pure Planet – went bust last night, taking the total number of collapses to 11 since the start of September.
Telegraph 14th Oct 2021 read more »
Ed Miliband insisted there is a “role for public ownership” in the UK’s energy market as he appeared to distance himself from Sir Keir Starmer’s decision not to support nationalising the Big Six energy firms. In what seemed to be a division between the former Labour leader and the incumbent, Mr Miliband said some element of nationalisation may be needed for power providers. “It’s a deeply inadequate market and of course we need to look at all of these issues in relation to the market, and that’s what we’re going to do,” he told BBC Radio 4’s Today programme on Wednesday. Asked whether the energy system should be renationalised, he said: “There are many elements to the energy system – there is generation, there is distribution, there is transmission and supply, and I see a role for public ownership in relation to the energy system.”
Telegraph 13th Oct 2021 read more »