Already reeling from the turmoil of Covid-19 and the complex challenges posed by Brexit, the UK economy is facing yet another crisis: extraordinary spikes in wholesale electricity and gas prices. With surging wholesale prices, domestic energy bills are predicted to rise by at least 30 percent by early next year.
The fallout from rising gas prices is already being felt in the retail energy sector. Thirteen energy companies have gone bust due to rocketing natural gas prices since the start of August, meaning that two million customers have lost their supplier. There are nearly 50 energy suppliers in the UK, but pundits are predicting a ‘massacre’ in the sector, with upwards of 20 more companies expected to fold this winter. The energy market, already dominated by a handful of large companies, is likely to experience further concentration.
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