UK energy suppliers to face new stress tests after dozens collapse
Energy suppliers will face new financial stress tests from January as part of a series of plans from the industry regulator to boost the sector’s resilience after rocketing market prices for gas and electricity caused dozens to collapse.
Ofgem will test providers against a range of scenarios and set an improvement plan for companies showing signs of financial weakness that could put their customers at risk.
The regulator also plans to toughen existing financial rules for suppliers and introduce new conditions by the spring, which could include checks on senior energy company bosses.
In some cases, Ofgem may bar a provider from taking on new accounts before reaching certain milestones, such as 50,000 and 200,000 customers, until it is satisfied
Read more on theguardian.com
