UK companies start to close due to high gas prices

Over the past 1.5 months, five energy companies have already been shut down in the UK, and four more may go bust soon, Report informs referring to the BBC News.

The shutdown of enterprises is associated with high gas prices: retail prices rose 3.5 times since the beginning of the year and 70 percent compared to August. As a result, smaller operators became unable to provide gas to their customers.

At the beginning of 2021, there were 70 energy suppliers in the UK Industry sources say there may be as few as ten left by the end of the year.

The crisis has already forced the authorities to intervene: UK Business Secretary Kwasi Kwarteng held about 20 meetings with companies and the regulator, the Office of Gas and Electricity Markets (Ofgem).