U.K. Natural Gas Middleman CNG Seeks Orderly Exit From Wholesale Energy Market
- CNG to stop providing fuel to about 18 utility customers
- Company will keep hedged gas inventory to pay creditors
Photographer: Krisztian Bocsi/Bloomberg
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CNG Group Ltd., which provides natural gas to U.K. utilities, said it will stop offering the service at the end of next month as it seeks an orderly exit from the market.
The company, partly owned by Glencore Plc, plans to cease operating in the wholesale energy market by Nov. 30, according to a letter seen by Bloomberg. That in theory gives utilities a bit of extra time to find an alternative supplier.