Sep 21, 2021
UK gas crisis/Centrica: incumbents pick up the pieces of failed challenger policy
Challengers are meant to shake up incumbents and bring bracing competition to oligopolistic markets. Try telling that to British Gas owner, Centrica, obliged to pick up the pieces as Johnny-come-lately rivals implode amid spiralling gas prices. New entrants come with plenty of pixie dust but can overlook the basics - in the case of gas newbies, that meant not hedging successfully against wholesale prices. Customers from failed People's Energy moving over to British Gas. Emergency funds wielded by regulator Ofgem will cover the switch, rather than it falling to British Gas.
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