Home Markets UK faces energy ‘massacre’ of 20 more bust suppliers, Scottish Power says

UK faces energy ‘massacre’ of 20 more bust suppliers, Scottish Power says

2

The sun rises behind electricity pylons near Chester, northern England October 24, 2011. REUTERS/Phil Noble/File Photo

LONDON, Oct 21 (Reuters) – Britain’s energy market faces an absolute massacre that could force at least 20 suppliers into bankruptcy in the next month alone unless the government reviews the energy price cap, Scottish Power Chief Executive Keith Anderson said on Thursday.

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

“There is a significant risk you could see the market shrink all the way back to five to six companies,” Anderson told the Financial Times. Scottish power is owned by Iberdrola (IBE.MC).

“We expect, probably in the next month, at least another 20 suppliers will end up going bankrupt,” Anderson told Sky. “We are now going to start seeing some…

Click here for full article…www.reuters.com