Factbox-British Energy Suppliers Dwindle as Gas Prices Soar
Prices of wholesale gas have multiplied in recent months as economies reopen after lockdowns and rising demand for liquefied natural gas in Asia pushed down supplies to Europe.
Smaller energy suppliers, which have less capital available to hedge customer needs, have stopped trading in recent weeks. Britain’s bigger energy firms are mopping up their customers and have asked the government for support to help bear the costs.
Before the current crisis, there were more than 50 small- and mid-sized independent energy suppliers in Britain with around a 30% share of the market.
The rest of the market is controlled by five large suppliers: OVO Energy and SSE brands, owned by OVO Energy, EDF Energy, Centrica’s British Gas, several E.ON brands and Iberdrola’s Scottish Power.
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(SOURCE: OFGEM, Reuters reporting)
(Reporting by Aditi Sebastian and Yadarisa Shabong in Bengaluru; Editing by Maju Samuel, Keith Weir and Sriraj Kalluvila)