The CEO of energy regulator Ofgem told MPs that more energy companies are likely to go out of business due to soaring energy prices.
Jonathan Brearley told the Business, Energy and Industry Strategy Committee that Ofgem was anticipating any eventuality and that there was a lot of pressure on the industry right now due to rising energy prices.
Q: What gives the Prime Minister the confidence to say this will be a temporary problem?
Brearley says history shows the price spikes are disappearing. But that’s not something Ofgem would rely on – he has to plan for a whole range of scenarios.
Q: How important is the current gas crisis compared to the shocks of recent years?
Brearley says it’s a different kind of change. The sector has already faced shocks, including the Covid crisis.
But the change in the price of gas is something that has not been seen before at this rate.
Unfortunately, when you see the costs change like that, it will eventually trickle down to customers.
And many suppliers are under enormous pressure, due to the drastic change in their cost base.
Q: So how many suppliers are at risk?
Brearley says the industry has seen companies pull out before. But what’s different this time around is the dramatic change in costs.
Five energy providers have gone out of business in recent months, more collapsed earlier in the year – and Ofgem expects more to be unable to cope with the circumstances, Brearley said.
But he doesn’t predict how it will play out.
Q: How many more and how many customers?
Brearley says Ofgem foresees a range of scenarios:
We expect a large number of customers to be affected. We have already seen hundreds of thousands of affected customers. It can go way above.
Q: So millions of customers could be affected?
Certainly a large number of customers, repeats Brearley, but he will not anticipate any ongoing process.
Q: Will it only be small suppliers, or will the big ones be affected as well?
Brearley refuses to make predictions – pointing out that the industry has seen the price of gas jump six-fold.
As a prudent regulator, we predicted all scenarios, he adds.
Our Politics Live blog covers all the action:
The mention sources can contact us to remove/changing this article
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
- Lara Trump: Bring Hillary Clinton Vs. Donald Trump’s 2024 Rematch January 15, 2022
- Merger of talent agencies CAA and ICM attracts the attention of the DOJ January 15, 2022
- Facebook, Google CEO aware of formal advertising market transactions, proceedings alleged January 15, 2022
- ‘Boba Fett Book’ Star Reacts to Biker Gang Controversy – The Hollywood Reporter January 15, 2022
- The long-awaited January update for Google’s Pixel 6 and Pixel 6 Pro has been released January 15, 2022