Big Collapse in the energy market : While the UK is speeding towards a winter energy crisis, with nine energy suppliers having already gone out of business in recent weeks, a London-based consulting firm is apparently being kept on high alert for the possible collapse of a major domestic energy player.
According to Sky News, Ofgem has contacted Teneo to see whether it could function as a “special administrator” in the event that a failing energy firm’s clients cannot be passed on to another company through the Supplier of Last Resort procedure.
According to the Daily Mail, another five suppliers could file for bankruptcy in the coming weeks.
The shutdown are expected to have impacted about 1.7 million British households so far.
As a result of the rising gas prices, a wave of collapses has occurred, and other suppliers have stopped taking on new customers.
“Ofgem and government prepare for a wide range of scenarios and have long-standing contingency plans in place for any situation as needed.” Said an Ofgem Spokesperson.
“These processes include speaking to a range of organisations.”
Big Collapse in the energy market: