HALF of energy suppliers "could go bust in the next few years" due to a crowded gas and electricity market - and it will push up prices for customers, an expert has warned.leaving 7,500 households in limbo as the regulator Ofgem scrambles to find a new supplier for these customers.While today, Ofgem announced it has revoked the licence of URE Energy sparking fears it will soon stop trading.
He said: “With the energy price cap dropping, and even huge suppliers such as Npower, British Gas and SSE all in trouble, we are expecting a spate of suppliers to fold or exit the market over the next six months. In April, Ofgem announced new tougher tests for suppliers and it is currently consulting on what checks need to be done on current ones and what happens when a supplier exists.BEAT energy price rises year after year with Switchcraft. It's free and it could save you an average of £219 a year.will automatically find you a cheaper deal when a better tariff comes up, saving you time, hassle and money.
Mark Todd estimates that this costs customers between £200 to £300, as they are moved to a more expensive tariff. Of course, they can shop around and find a new supplier if they want to find a cheaper tariff.“We have extremely robust procedures in place to make sure energy supplies are always secure and customers' credit balances protected.”
They don't need an excuse to whack the energy bills up, and anyway shouldn't a crowded market have the OPPOSITE effect as they need to make THEIR company more appealing to customers