Companies going bankrupt/into administration

Discussion of the latest Peak Oil news (please also check the Website News area below)

Moderator: Peak Moderation

User avatar
PS_RalphW
Posts: 6182
Joined: Thu Nov 24, 2005 11:09 am
Location: Cambridge

Re: Companies going bankrupt/into administration

Post by PS_RalphW »

I think ecotricity and some other green suppliers invest directly in renewable production, and will have long term contracts for most of their consumption, so will only be paying over the selling price for the small percentage of their supply which they buy on the open market. They will be doing quite well I expect, unless the government forces them to take on a lot more customers, and they then need to buy the energy they will need to support them at full market price.
User avatar
adam2
Site Admin
Posts: 9044
Joined: Mon Jul 02, 2007 5:49 pm
Location: North Somerset

Re: Companies going bankrupt/into administration

Post by adam2 »

Another energy supplier has bust, blue green energy. https://www.bbc.co.uk/news/business-59125866
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"
User avatar
clv101
Site Admin
Posts: 9199
Joined: Thu Nov 24, 2005 11:09 am
Contact:

Re: Companies going bankrupt/into administration

Post by clv101 »

A few more gone:
Omni Energy, with about 10,000 customers
Zebra Power (14,800 households) and
AmpowerUK (600 households)

Takes total to 18 according to Bloomberg's Javier Blas.
User avatar
clv101
Site Admin
Posts: 9199
Joined: Thu Nov 24, 2005 11:09 am
Contact:

Re: Companies going bankrupt/into administration

Post by clv101 »

EUROPEAN ENERGY CRUNCH: Interesting note from @CornwallInsight about the British energy retail market.

At the start of the year, the UK had 47 domestic natural gas and electricity retailers. Today, that has fallen by nearly half with only 25 suppliers remaining.
kenneal - lagger
Site Admin
Posts: 13184
Joined: Wed Sep 20, 2006 2:35 am
Location: Newbury, Berkshire
Contact:

Re: Companies going bankrupt/into administration

Post by kenneal - lagger »

I just wonder if we actually needed 47 energy suppliers. After all hardly any of them were actually producing any energy. They were mostly just buying stuff at a wholesale rate, seeing how much they could shave off their margin and then shipping it on hopefully cheaper than their competitors. All those redundant staff can now go and chase one of the many thousands of jobs that are free at the moment.
Action is the antidote to despair - Joan Baez
User avatar
adam2
Site Admin
Posts: 9044
Joined: Mon Jul 02, 2007 5:49 pm
Location: North Somerset

Re: Companies going bankrupt/into administration

Post by adam2 »

I agree, nothing wrong with competition, but 47 energy suppliers seems excessive, especially when most of them do not/did not actually produce any energy. Not certain how to limit the numbers without preventing competition.

I have been known to describe the lesser energy suppliers as "meter reading and billing subcontractors" since they dont do much else. They do not in general produce electricity, neither do they distribute it, so what DO they do ?
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"
User avatar
Potemkin Villager
Posts: 1516
Joined: Tue Mar 14, 2006 10:58 am
Location: Narnia

Re: Companies going bankrupt/into administration

Post by Potemkin Villager »

Well up until the music died they made money doing nothing more
than shuffling numbers around spread sheets.

Nice money whilst you could get it!

I suspect an astonishing amount of modern economic activity involves such
essentially unproductive activities.

Look out for the Bulb blowing and see how big a fuse it takes out.
Last edited by Potemkin Villager on Wed Nov 03, 2021 4:52 pm, edited 1 time in total.
The Stone Age represents 99.99% of mankind's existence on this planet. Francis Pryor
User avatar
clv101
Site Admin
Posts: 9199
Joined: Thu Nov 24, 2005 11:09 am
Contact:

Re: Companies going bankrupt/into administration

Post by clv101 »

They are retailers. How many shops on your high street make what they sell? How many websites can you order a TV from these days? Nothing wrong with lots of retailers - only the efficient will survive, and for something important like domestic energy suppliers a decent regulator is needed.
User avatar
adam2
Site Admin
Posts: 9044
Joined: Mon Jul 02, 2007 5:49 pm
Location: North Somerset

Re: Companies going bankrupt/into administration

Post by adam2 »

CNG Energy now gone, they supplied energy mainly to businesses.
https://www.bbc.co.uk/news/uk-england-y ... e-59154894
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"
cubes
Posts: 713
Joined: Tue Jun 10, 2008 9:40 pm
Location: Norfolk

Re: Companies going bankrupt/into administration

Post by cubes »

Yes, at work we were with them. I know business energy prices aren't capped but the supplier of last resort has put us on a tarriff of 150p/day standard charge and 15p/kwh for gas. Time to change asap lol.
User avatar
adam2
Site Admin
Posts: 9044
Joined: Mon Jul 02, 2007 5:49 pm
Location: North Somerset

Re: Companies going bankrupt/into administration

Post by adam2 »

Two more energy retailers have ceased trading, Neon reef and Social energy supply.
https://www.bbc.co.uk/news/business-59311551
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"
User avatar
clv101
Site Admin
Posts: 9199
Joined: Thu Nov 24, 2005 11:09 am
Contact:

Re: Companies going bankrupt/into administration

Post by clv101 »

Bulb's blown! 1.7 million customers, by far the biggest so far:

https://bulb.co.uk/blog/bulb-special-administration/
User avatar
adam2
Site Admin
Posts: 9044
Joined: Mon Jul 02, 2007 5:49 pm
Location: North Somerset

Re: Companies going bankrupt/into administration

Post by adam2 »

And another two smaller ones gone. Entice, and Orbit, energy retailers have gone bust.
https://www.bbc.co.uk/news/business-59414799
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"
User avatar
adam2
Site Admin
Posts: 9044
Joined: Mon Jul 02, 2007 5:49 pm
Location: North Somerset

Re: Companies going bankrupt/into administration

Post by adam2 »

Another energy retailer has ceased trading, Zog energy.
https://www.bbc.co.uk/news/business-59488818
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"
User avatar
Potemkin Villager
Posts: 1516
Joined: Tue Mar 14, 2006 10:58 am
Location: Narnia

Re: Companies going bankrupt/into administration

Post by Potemkin Villager »

Calling a company Zog was always asking for trouble!

https://www.collinsdictionary.com/dicti ... planet-zog
The Stone Age represents 99.99% of mankind's existence on this planet. Francis Pryor
Post Reply