Ofgem: British energy firms to get US$3.2b for taking on customers of failed rivals | Malay Mail

LONDON, March 23 — British energy suppliers could receive up to £2.4 billion for taking on customers of firms which have collapsed since last year, market regulator Ofgem said.

The regulator said energy suppliers which were chosen to take on customers from firms which failed are expected to claim “approximately £2.2 billion to £2.4 billion ” from Ofgem. A spike in wholesale gas and power prices since the start of last year has also resulted in more than 30 energy companies going bust in Britain, leaving their customers in the lurch.

Ofgem said that about 85 per cent of the overall costs those providers have incurred under the system were from having to buy wholesale energy supplies for their new customers, which have kept rising since Russia’s invasion of Ukraine.

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