U.K. Gas Shipper Stops Supplies in Another Blow to Power Firms
- CNG has about 18 utility clients that will need new gas supply
- CNG’s exit could bring down more retail energy companies
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Glencore-backed U.K. gas shipper CNG Group Ltd. will no longer provide gas to its utility clients, a move that threatens to prompt a raft of further failures in the British energy market.
CNG supplies wholesale gas to utilities that then sell it to households. The U.K. energy market is already in crisis and the exit threatens to unleash a new wave of turmoil.