UK energy companies shut down amid extremely high gas prices

Over the past month and a half, five small energy companies in the UK have been forced to close due to prohibitively high gas prices, and at least four more may declare bankruptcy as early as next week, according to the BBC. At the beginning of the year, there were about 70 energy companies operating in the country. however, according to analysts’ forecasts, by the end of 2021 there may be only about 10 of them. Smaller operators were unable to provide energy to their customers, as retail gas prices have grown 3.5 times since the beginning of the year, and only from the beginning August – by 70%. As a result, small companies are turning to large operators to buy their assets and continue to serve customers. Such a dramatically deteriorating situation in the energy sector forced the authorities to intervene: this weekend, UK Energy Minister Kwasi Quarteng held about 20 meetings with representatives of energy companies, as well as with the regulator – the Office of Gas and Electricity Markets (Ofgem). “Some energy….

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