July 20, 2024

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UK companies lose out on high energy prices – Community – RTP Madeira

UK companies lose out on high energy prices – Community – RTP Madeira

“Due to the global energy crisis, record prices in the energy market and the restrictions imposed on us by Ofchem price controls, we will not be able to continue to operate Pure Planet,” said PB, a partner in the oil company.

The approximately 250,000 customers of the two companies will no longer be transferred to one of the largest suppliers in the coming days, as is yet to be defined as what happened to the 14 suppliers that went bankrupt this year.

Sky News on Wednesday announced that four companies have been linked to Afzal, and several are on the verge of bankruptcy.

The regulator said the existing “security web” ensures that “the supply of energy to customers will continue and the money that domestic customers pay for their bills will be protected.”

He added that “domestic customers will be protected by the energy price limit when switching to a new supplier”.

Many suppliers are forced to procure from abroad as there is no wind in the UK to generate wind power.

Last month, a fire at a submarine cable operating station on the English Channel from France disrupted operations and affected electricity on Europe’s mainland.

Lack of gas storage capacity and strong international competition to replenish reserves are other factors contributing to the sharp rise in natural gas prices, which is the main source of energy production to offset renewables shortages.

Many small suppliers cannot buy energy in advance and protect themselves from variations in the international market, like big competitors.

But their main reason for stopping the operation is the ceiling imposed by Afzal on fees in the domestic market, which are currently lower than the price tag.

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“This is unsustainable,” Pure Planet condemned, noting that “this situation has affected many suppliers this year and unfortunately, many are expected to close.”

The government is currently under pressure from energy-intensive industries such as metals and pottery, which need to cap energy costs for these companies, which are at risk of shutting down and triggering thousands of layoffs.

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