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Ofgem must show it is awake as energy sector faces winter nightmare
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“We are in danger of just sleepwalking into an absolute massacre,” Keith Anderson, the chief executive of Scottish Power, said dramatically this week, referring to the number of energy suppliers that could go bust before next spring.
His prediction is credible because a critical ingredient in an energy price crisis, from the point of the view of retail suppliers, is how long it lasts. Customers’ fixed-price deals come to an end as time passes and new arrangements have to be made, backed by purchase agreements and hedging contracts.
Since regulator Ofgem’s default tariff – an average £1,277 for a dual-fuel household – is now the cheapest deal on the market, suppliers are locking in losses because they cannot buy energy that cheaply. Wholesale
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