How energy retail suppliers are supporting customers through the crisis
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By Dhara Vyas
Energy retail companies supply heat, light and power to 28 million homes as well as every business in the country. The industry responded quickly to the challenges presented by the pandemic, adapting their operations and providing millions of pounds of extra support to customers while ensuring that supplies went uninterrupted.
However, in recent months, record spikes in the global wholesale price of gas have taken a heavy toll on the sector with 27 energy retail companies exiting the market since August 2021 – almost 2.3 million households have seen their supplier fail. The costs involved in the supplier of last resort process is reported to be around £2.6 billion to date – and is likely to increase. These costs will ultimately be picked up by customers.
Industry and consumer groups have been calling on Ofgem and the Government to improve regulation for many years – for example ensuring that companies are financially viable before they enter the market or being quicke...
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