The launch of One Wales and Future heralded a surge that would see dozens of energy firms launched by budding entrepreneurs. This week, many — some say most — of the 44 still in business face collapse after a sharp rise in wholesale prices that could see only 10 big names survive. Even a big supplier such as Bulb, with about 1.7 million customers, can be under threat: it is reportedly a takeover target for rival Octopus Energy. Not all small firms are struggling. Good Energy, which supplies about 90,000 customers, said its gross profits were up 19.4 per cent to £17.7 million in the first six months of this year, up from £14.8 million. Nigel Pocklington, chief executive, said: “We have been warning about these problems for years but getting nowhere. The unsustainable business practices of many suppliers are worsening the current crisis. If [a deal] sounds too good to be true, it usually is.” Greg Jackson, chief executive and founder of supplier Octopus Energy, which is growing rapidly, said: “Anyone looking to start an energy company should have sufficient funding. None of the recent failures had anything like this. And they need a genuine differentiator.
Times 25th Sept 2021 read more »