U.K. s power crunch exposes vulnerability of retail energy sector

Bloomberg - The U.K. s power crunch exposes the vulnerability of retail energy sector, an industry group official tells Parliament. Meanwhile, the European Union is considering measures to limit the spike in energy prices just weeks before the start of the heating season.

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None Merkel s Legacy comes to life in Brdo, Slovenia's Arab Street The bloc s executive arm is discussing what tools are at our disposal, Energy Commissioner Kadri Simson told reporters on Wednesday before an informal meeting of energy ministers in Berlin. In the U.K. Business Secretary, Kwasi Kwarteng addresses Parliament this morning on gas markets.

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Europe is facing a gas shortage after a long and bitter winter left storage sites depleted. Refilling them this summer hasn't been easy, with top supplier Russia curbing flows on the continent. Liquefied natural gas is also heading to Asia.

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The power crisis in the U.K. has exposed the vulnerability of the country s retail energy sector, said Emma Pinchbeck, Chief Executive of Energy UK, the Trade Association for the Energy Industry.

There are features in our market design that make it very difficult for our retailers to adapt to the current situation, she said at a Parliament hearing. The real worry is the sector is so fragile as a whole. Players that are expected to pick up customers are worried about doing so because of the cost of doing it. She said the crisis represents an opportunity to have a fresh root and branch review of Retail Sector.

U.K. power and gas retailer Green can decide to shut its business within days, the company CEO Peter McGirr said by phone. The supplier is working with Alvarez Marsal to explore options for the future but would likely close, unless the government takes action like lifting a price cap, says he.

Kwarteng has already said the government won't bail out small suppliers and that the U.K. will keep the price cap in place.

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