Regulator says energy supply will continue despite crisis

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Regulator says energy supply will continue despite crisis

It said its customers energy supplies would continue and they would be found new providers under regulator Ofgem s supplier of last resort process. Funds already in accounts will be protected under Ofgem's safety net.

In recent weeks there has been an unprecedented increase in global gas prices which is placing pressure on suppliers, regulator said on Monday. Ofgem is working closely with government and industry to make sure customers continue to be protected this winter. It was among five businesses cited by Ofgem for failing to meet its renewable obligations and not providing assurance that it would be in a position to pay into a scheme that supports small renewable-energy projects.

Goto said in its statement on Monday that it always took its responsibilities very seriously to its customers. We consistently sought to give all customers that choose our products, the service levels and respect they deserve. Business and energy minister Kali Kwarteng has warned that other companies are at risk of collapse but dismissed calls to support struggling energy suppliers.

From the ofgem s 1,277 annual price cap means energy providers are being forced to charge customers less than the companies are paying to supply them.

Larger suppliers say they are finding it increasingly difficult to bear the cost of taking on new lossesmaking customers whose existing providers have failed. While dozens of suppliers are still trading, industry insiders and observers warn that the current crisis could leave as few as eight in business.