Struggling energy companies have failed to pass on renewable energy subsidies, paid for by their customers, and have only days to go until their stay of execution ends. By this Wednesday, more than 30 of the market’s smallest suppliers must fork out £100m they owe to renewable energy generators after a month-long reprieve from the regulator. If energy companies cannot pay their share, Ofgem may consider calling on rival suppliers to split the cost of filling the funding gap. The gaping hole in the regulator’s funding pot has raised hackles among industry bosses who fear that the cost of bailing out their cut-price rivals could hit the pockets of their own customers. Keith Anderson, the chief of Scottish Power, said the industry is in “unchartered territory”, which raises ” tough choices” for the regulator. A cost crisis within the energy market has increased the shortfall by five-fold in a single year after almost half the number of suppliers in the market failed to meet the Sept 30 deadline.
Telegraph 27th Oct 2018 read more »