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Temptation and Collapse of Orbital Energy: The UK Energy Crisis Explodes, Attacking Thousands –Ofgem Update | UK | News

Entice Energy and Orbit Energy have stopped trading, Ofgem confirmed Thursday on its official Twitter account. Ofgem said it will find new suppliers for its two customers.

The latest developments came into power, following Bulb Energy, the UK’s seventh-largest energy company.

The government has secured approximately £ 1.7 billion to enable the company to continue to supply energy to its customers.

In court on Wednesday, the company was placed under special control, which will allow it to continue trading for the foreseeable future.

The £ 1.69 billion loan will be secured by the government to support the work of managers and ensure that the lights of 1.6 million customers of light bulbs are on.

According to court documents, business secretary Kwasi Kwaten can release more money for the company if needed.

They show that without cash, the light bulb would not have been able to keep the door open past mid-December.

In an alternative to Ofgem’s normal process, which is said to be too big to fail, Bulb runs normally by administrator Teneo until a potential buyer is found or a customer leaves.

Managers estimate that it will cost around £ 2.1 billion to continue trading bulbs until the end of April next year.

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Edward Miliband of Shadow Business Secretary said: And Ofgem significantly deregulated operating conditions in 2016.

“Is the business secretary responsible for the obvious failure of regulation so far, and it does not imply that appropriate external reviews of market regulation are needed.”

Since the beginning of September, 25 energy suppliers have failed, mainly as a result of soaring gas prices.

The increase and the upper limit on how much money a company can charge its customers has forced them to sell energy at a lower price than they bought.

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Some large companies buy gas well in advance to avoid the worst effects of price spikes.

But those who are not exposed to unprecedented pressure.

At the Commons, Labor lawmaker Alex Sobel (Leeds North West) said:

“What is he going to do to fix the broken energy market?”

“I don’t agree with his characterization,” Kwarten said. “I don’t think he’ll go back to oligopoly, as he said.

“I have always argued that competition is absolutely essential in this market.”

Comment, Lisa Barber, which one? The editors of home products and services said: “This move should reassure 1.7 million light bulb customers who may have been concerned about the collapse of the provider.

“Bulb customers are advised to do nothing and wait for more information on special management processes.

“The customer will continue to see invoices limited by price limits that are likely to be the best deal at the moment. If you have already arranged to switch to or from a light bulb, this is a plan. It will continue as it is.

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Temptation and Collapse of Orbital Energy: The UK Energy Crisis Explodes, Attacking Thousands –Ofgem Update | UK | News

SourceTemptation and Collapse of Orbital Energy: The UK Energy Crisis Explodes, Attacking Thousands –Ofgem Update | UK | News

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