Three More U.K. Power Suppliers Collapse as Energy Crisis Deepens

(Bloomberg) — Igloo Energy Supply Ltd, Enstroga and Symbio Energy announced their collapse on Wednesday, taking the number of U.K. utilities that have gone under to ten in the past two months amid a broader energy crisis.

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The 233,000 customers of the three utilities will be allocated another supplier by regulator Ofgem. Igloo said that “incredibly high gas prices” have created a retail market that is no longer sustainable for the company to operate in, according to a statement.

About 1.7 million customers in the country have been forced to switch supplier since the start of August as rising gas and power prices cause a huge shake out within the industry. Both Kwasi Kwarteng, the U.K.’s business minister, and energy regulator Ofgem have warned that they expect more suppliers to go bust this winter.

“The current extreme price shock that we’re experiencing is one that few, if anyone, anticipated,” Igloo said in a statement.

Together the three suppliers represent less than 1% of domestic customers in the market, according to Ofgem.

(Updates with chart in second paragraph.)

©2021 Bloomberg L.P.

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