All of the energy companies that have gone bankrupt this year, as well as those that are in jeopardy.
According to industry estimates, the number of energy suppliers in the UK market might be reduced to just ten by Christmas.
As a result of the UK’s gas price problem, some small energy companies have gone bankrupt, unable to cope with the rising costs. Now, industry experts predict that the market will contract much further in the following months.
In the previous year, 15 companies have gone bankrupt, and for the first time, a ‘cheap’ fixed energy package is now more expensive than variable rates, which have traditionally been the most expensive in the market.
In Liverpool, a Ryanair plane was forced to make an emergency landing.
The best-fixed agreements have been fully pulled due to rising wholesale gas prices, with providers boosting their rates to compensate for the out-of-control gas prices.
With growing prices, the energy price cap is anticipated to rise again next April, with a £178 annual increase.
Since the beginning of the year, wholesale gas prices have climbed by 250 percent, with a 70 percent increase in August alone being the final straw for a number of suppliers.
According to the Mirror, the following companies have ceased operations since September 2020.
September 2020 – Effortless
October 2020 – Tonik Energy
YORKSHIRE ENERGY – DATE: DECEMBER
January 2021 – Simplicity Energy
January 2021 – Green Network Energy
August 2021 – Hub Energy
September 2021 – PfP Energy
September 2021 – MoneyPlus Energy
September 2021 – Utility Point
September 2021 – People’s Energy
September 2021 – Green
September 2021 – Avro Energy
September 2021 – Igloo Energy
September 2021 – Symbio Energy
September 2021, ENSTROGA
Since 2019, 19 more have gone bankrupt:
November 2016 – GB Energy
January 2018 – Future Energy
July 2018 – National Gas and Power
Iresa (Ireland) – July 2018
September 2018 – Gen4u
October 2018 – Usio Energy
November 2018 – Extra Energy
November 2018 – Spark Energy Supply Limited
December 2018 – OneSelect
Energy Economy – January 2019
Our Strength – 2019
March 2019 – Brilliant Energy
August 2019 – Cardiff Energy Supply
August 2019 – Solarplicity
September 2019 – Eversmart
October 2019 – Rutherford Energy
October 2019 – Toto Energy
December 2019 – Breeze Energy
March 2020 – Gnergy
Many more businesses are expected to close in the coming weeks as a result of the growing costs, according to Ofgem. “The summary has come to an end.”