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Ofgem gives £1.83bn to energy firms that took on collapsed rivals’ customers
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Energy firms that took on millions of customers from rivals that collapsed amid soaring gas prices have been granted an initial £1.83bn compensation by the regulator to help them absorb extra costs.
The sum, which relates to the wave of failures among household energy suppliers during 2021, is likely to rise and will ultimately be funded by anyone who pays gas and electricity bills.
Since August, 25 suppliers have fallen victim to surging prices, which left them paying far more for gas but selling it for far less because of an energy price cap that was intended to protect bill payers.
The regulator, Ofgem, arranged for healthy competitors to take on the collapsed firms’ customers via its “supplier of last resort” scheme, which prevents
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