A total of 86 energy supply licences have been revoked since last summer while not a single new licence has been granted, Ofgem has revealed. The shakeout follows the introduction of tougher rules for energy companies and the people who run them. Ofgem, the regulator, has spent years trying to encourage new suppliers to break the stranglehold of the big six — British Gas, EDF, Eon, Npower, Scottish Power and SSE — which once supplied more than 98% of households. This liberal regime led to a flood of licences awarded to new suppliers. However, The Sunday Times revealed that some were set up from residential addresses and had few, if any, customers. There was also a spate of collapses of small suppliers that could not afford to compete in the market.
Times 9th Feb 2020 read more »