Britain's energy market faces an absolute massacre that could claim another 20 suppliers unless the government urgently reviews the energy price cap, Scottish Power Chief Executive Keith Anderson told the FT.
"There is a significant risk you could see the market shrink all the way back to five to six companies," Anderson told the Financial Times. Scottish power is owned by IberdrolaAnderson said the regulator Ofgem and the government should look at changing Britain’s price cap earlier than its next scheduled review in April so suppliers can pass on spikes in their costs sooner.
Without government and regulatory intervention, "we are in danger of just sleepwalking into an absolute massacre," Anderson said.Sign up for our newsletter Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan says China's power crisis could blow over soon — and these 3 stocks could popJPMorgan analysts say China's power crunch could ease as soon as November, and picked three energy-related stocks that may bounce back.
Read more »
Regional powers back aid for Afghanistan, say U.S. and allies should payAfghanistan's new Taliban rulers won backing from 10 regional powers at talks in Moscow on Wednesday for the idea of a United Nations donor conference to help the country stave off economic collapse and a humanitarian catastrophe.
Read more »
Former police chief: It's 'baffling' officers are ignoring vaccine mandatesNBC News correspondent Meagan Fitzgerald and retired Seattle Police Chief Carmen Best joined Stephanie Ruhle to discuss news that thousands of law enforcement officers are ignoring Covid-19 vaccine mandates. Best says it 'truly saddens' her and could result in people leaving the profession for good.
Read more »
Santoli’s Tuesday market notes: Earnings power stocks higher, bitcoin futures ETF gets warm welcomeNew for subscribers: Santoli’s Tuesday market notes: Earnings power stocks higher, bitcoin futures ETF gets warm welcome. Check out CNBCPro today.
Read more »
Evergrande says a $2.6 billion deal has collapsed as another payment deadline loomsEvergrande has called off plans for a multibillion-dollar deal for its property management unit, worsening its cash crunch as the Chinese real estate giant teeters on the brink of collapse.
Read more »
Watch CNBC’s Sustainable Future Forum 2021: Providing EnergyCNBC takes a look at the energy transition, from the role incumbent energy providers will play, to the new start-ups looking to change the business model one.
Read more »