Jul 19, 2022
Founders of failed UK energy supplier in line for £50mn
The founders of a collapsed British energy supplier are in line for a £50mn payout even as every household in the country foots the bill for its failure. The cost of transferring customers - for example, when an energy supplier fails - is borne by households through extra charges on customer bills. More than 30 UK energy suppliers have collapsed over the past year as a result of poor capitalisation, surging wholesale gas prices and the price cap, which is set by the regulator Ofgem and limits how much customers can be charged. At least £820mn in assets - including from the sale of hedged energy - has been recovered from energy firms that have been wound up, according to calculations by Bloomberg, which first reported the People's Energy payout. The People's Energy payout is dependent on a court case in October, where the administrators to numerous collapsed energy companies and Ofgem are asking for guidance on how to manage claims.
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