Energy suppliers have started to see profits return since the energy rises began. Ofgem has warned suppliers to use these profits to ensure their own stability within a volatile energy market.
This comes as the beginning of the energy crisis for the UK began when over 20 suppliers went broke between 2021 and 2022. This created a lot of issues for consumers as the cost of this was pushed onto them through levies and bills.
Ofgem hopes that the shift in wholesale prices means that prices across the UK can finally start to settle. Suppliers have already started offering more competitive businesses energy deals making it easier and less costly for your business to switch at the minute.
Energy suppliers going bust causes higher bills for consumers
When a large amount of UK suppliers collapsed with the aftershocks of Covid 19, many people’s energy bills were affected. This is because the cost of transferring customers was issued to customers and the taxpayer through levies and bills.
Overall, this caused businesses and households a major rise in energy bills over a two-year period, causing a cost of living crisis and many businesses collapsing due to the rising bills.
Therefore, Ofgem is trying to prevent the same thing from happening by making sure energy suppliers keep themselves profitable
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