Gas crisis: Three more suppliers go bust including Igloo

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Another three energy suppliers have gone bust due to the surge in wholesale gas prices, Ofgem has announced.


Igloo Energy, Enstroga and Symbio Energy all stopped trading on Wednesday said the regulator.


The trio represented less than 1% of the UK market, Ofgem added.


Reports last week said that Igloo was in talks with private equity firm Alvarez & Marsal over an insolvency process.


Ofgem said customers of the three firms would be transferred to new suppliers in due course.


Igloo has 179,000 customers said the regulator though Symbio and Enstroga had much fewer.


These latest collapses bring the number of small suppliers that have failed during the current crisis to nine with more expected.


Wholesale gas prices have soared by more than 500% over the past twelve months due to a combination of low stocks, outages in supplies to Europe and poor wind speeds affecting renewable generation.


Small companies without hedging in place have been unable to pay the higher prices to meet contractual obligations.

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