9/22/2021, 6:55 PM (Source: TeleTrader)
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Two more UK gas firms drop out of market

Avro Energy and Green are the latest victims of the United Kingdom's gas crisis, as their cessation of trading was confirmed by regulator the Office of Gas and Electricity Markets (Ofgem) in a tweet on Wednesday.

The companies were unable to absorb price rises in the wholesale cost of natural gas, caused by a combination of low stocks from last winter, a lack of wind leaving the UK more reliant on gas and supply limits from Russia.

While Ofgem reassured customers that they could rely on their supply to continue as usual under a new supplier, the mounting number of failed entities is expected to have an effect on household energy bills. This latest development brings the total number of suppliers who have folded to seven in as little as six weeks, with the combined number of consumers affected close to 2 million.

Baha Breaking News (BBN) / IB