U.K. Energy Firms Stretched to Limit as More Suppliers Fail
- Companies have asked for state funding to take on new accounts
- Another 3 power and gas providers collapsed, bring total to 10
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The U.K.’s largest energy suppliers are coming under pressure as soaring gas and power prices make it harder for them to absorb millions of customers from an ever-growing list of failed providers.
Three small energy providers went out of business on Wednesday, bringing the tally to 10 just in the past two months. With gas and power prices breaking records every day, total upfront costs for utilities is estimated at about 1,000 pounds ($1,350) per household, making it hard for big firms to take on new clients without government support, said people familiar with the matter.