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CNG retail arm may be next UK energy company to collapse - Sky News

Reuters
Updated ·1-min read

(Reuters) - The retail arm of British energy supplier CNG Group Ltd, which supplies energy to tens of thousands of small businesses, is on the brink of becoming the latest company to collapse, Sky News reported https://news.sky.com/story/cng-retail-arm-becomes-latest-victim-of-gas-price-crisis-12453601 on Thursday.

CNG Energy's retail arm is close to falling into the Supplier of Last Resort system operated by the regulator Ofgem, the report added.

This comes as the company and its advisers did not receive any viable bids for the retail arm, in a process which commenced several weeks ago, according to Sky.

Many British energy firms, often supplying both gas and electricity to homes and businesses, have struggled with soaring wholesale energy costs because of the regulator's price caps, which limits how much of the price rise they can pass on.

CNG was not immediately available for comment.

(Reporting by Aakriti Bhalla in Bengaluru)