Two more UK energy suppliers stop trading on gas price hit - Reuters

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LONDON, Sept 22 (Reuters) - A further two British energy suppliers stopped trading on Wednesday, leaving more than 800,000 customers potentially facing higher bills, after a jump in natural gas prices pushed the sector to the brink.

Avro Energy and Green Supplier Limited became the latest providers to say they would cease trading, following a handful of others that have exited the market this year. Between them, Avro and Green held 2.9% of the market's domestic customers.

The country's energy regulator Ofgem and business minister Kwasi Kwarteng earlier warned parliament that the soaring gas prices would force more suppliers out of business and that the industry should prepare for tougher conditions.

Neil Lawrence, director of retail at Ofgem, said the regulator would select an alternative provider to take on the customers. "Under our safety net we’ll make sure your energy supplies continue," he said in a statement.

Ofgem said any customers moving to a new package would be protected by the industry price cap, limiting the financial hit to customers.

Natural gas prices have spiked as economies reopened from COVID-19 lockdowns and as high demand for liquefied natural gas in Asia pushed down supplies to Europe, sending shockwaves through industries reliant on natural gas.

Already meat producers have suffered as high energy prices forced a fertiliser producer to halt production, denying the food industry the carbon dioxide by-product that is used to stun animals for slaughter and pack food. read more

Reporting by Kate Holton, Paul Sandle, William James; Editing by Alison Williams and Elizabeth Piper

Our Standards: The Thomson Reuters Trust Principles.

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