Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UK's big energy suppliers eye bankrupt provider's 160,000 customers

Mon, 28th Nov 2016 16:55

* Lots of interest in supplier tender - Ofgem

* GB Energy no longer trading after price rise, inability tohedge

* Those without trading partner, production are at risk

By Karolin Schaps and Susanna Twidale

LONDON, Nov 28 (Reuters) - Britain's biggest energysuppliers have submitted bids to take over 160,000 customersleft behind by bankrupt energy provider GB Energy, whichcollapsed on Saturday after being caught out by rising marketprices.

All of Britain's Big Six energy suppliers, EDF Energy, Innogy's Npower, E.ON, ScottishPower, SSE and Centrica's British Gas,have submitted bids in a tender run by regulator Ofgem to supplyGB Energy's customers, sources familiar with the matter said.

Npower confirmed it had submitted a bid. Centrica, EDFEnergy, SSE, E.ON and Scottish Power declined to comment.

"We've had lots of interest (in the tender)," said aspokeswoman for Ofgem, which has up to 14 days to choose a newsupplier for GB Energy's customers.

GB Energy said on Saturday that it was no longer tradingafter a quick rise in energy prices and its inability to forwardbuy energy meant its business had become untenable.

In recent months, energy suppliers had grown increasinglyconcerned about the possibility of a small supplier going underas wholesale power and gas prices have spiked ahead of thepeak-demand period in winter.

"Those which don't have the backing of a large tradingpartner or their own generation sites could be vulnerable," saidJuliet Davenport, chief executive of green energy supplier GoodEnergy, which has its own power production.

Good Energy has not submitted a bid to take over GB Energycustomers, a spokesman said.

Many smaller energy providers, such as First Utility or OvoEnergy, have hired established trading businesses, in these twocases Shell, to run energy procurement and hedging.

Ofgem updated its rules last month, allowing any supplierstepping in to take over customers of a bankrupt supplier torecoup the cost of reimbursing outstanding customer credits byincreasing energy bills.

Analysts at Moody's said they estimate GB Energy's customerdeposits to be less than 10 million pounds ($12.4 million).($1 = 0.8051 pounds) (Editing by Susan Fenton)

More News
3 Dec 2021 09:44

LONDON BROKER RATINGS: Jefferies ups SSE, AJ Bell; Deutsche likes BP

LONDON BROKER RATINGS: Jefferies ups SSE, AJ Bell; Deutsche likes BP

Read more
3 Dec 2021 08:43

LONDON MARKET OPEN: Stocks rebound on oil and travel; US jobs ahead

LONDON MARKET OPEN: Stocks rebound on oil and travel; US jobs ahead

Read more
2 Dec 2021 18:54

UPDATE 2-Shell scraps plans to develop Cambo North Sea oilfield

(Adds detail)By Ron Bousso and Shadia NasrallaLONDON, Dec 2 (Reuters) - Royal Dutch Shell said on Thursday it had scrapped plans to develop the Cambo oilfield in the British North Sea, which became a lightning rod for climate activists seeking to ...

Read more
2 Dec 2021 18:54

UPDATE 1-Shell scraps plans to develop Cambo North Sea oilfield

(Adds Siccar Point statement, background)LONDON, Dec 2 (Reuters) - Royal Dutch Shell said on Thursday it had scrapped plans to develop the Cambo North Sea oilfield, which became a lightning rod for climate activists seeking to halt Britain's devel...

Read more
2 Dec 2021 18:54

UPDATE 3-Shell scraps plans to develop Cambo North Sea oilfield

(Adds investor comment)By Ron Bousso and Shadia NasrallaLONDON, Dec 2 (Reuters) - Royal Dutch Shell said on Thursday it had scrapped plans to develop the Cambo oilfield in the British North Sea, which became a lightning rod for climate activists s...

Read more
2 Dec 2021 18:02

Shell and partner scrap plans to develop North Sea oilfield

LONDON, Dec 2 (Reuters) - Royal Dutch Shell and Siccar Point have decided not to go ahead with the development of the Cambo oilfield in the British North Sea due to a weak economic case, Shell said on Thursday."After comprehensive screening of the...

Read more
2 Dec 2021 17:05

LONDON MARKET CLOSE: Stocks fall as Omicron variant fears mount

LONDON MARKET CLOSE: Stocks fall as Omicron variant fears mount

Read more
2 Dec 2021 12:03

LONDON MARKET MIDDAY: Europe hit by Omicron but Wall Street to rebound

LONDON MARKET MIDDAY: Europe hit by Omicron but Wall Street to rebound

Read more
2 Dec 2021 10:08

UPDATE 2-European stocks fall as Omicron worries rattle investors

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* STOXX 600 gives back a chunk of Wednesdays gains* Apple suppliers hit by report on slowing demand* Vifor Pharma surges on takeover speculat...

Read more
2 Dec 2021 08:31

SSE and Equinor to proceed with $4 bln Dogger Bank C offshore wind farm

OSLO, Dec 2 (Reuters) - British utility SSE and Norwegian energy company Equinor have secured financing to proceed with the construction of the 3 billion pound ($3.98 billion) Dogger Bank C offshore wind farm in Britain, the companies said on Thu...

Read more
2 Dec 2021 07:03

Shell launches $1.5bn buyback from Permian sale

(Sharecast News) - Royal Dutch Shell has launched a $1.5bn share buyback as the first stage of returning cash to shareholders from the sale of its Permian business in the US.

Read more
1 Dec 2021 12:10

German oil lobby seeks net zero CO2 emissions by 2045

FRANKFURT, Dec 1 (Reuters) - Germany's oil industry will aim for net zero carbon emissions by 2045, moving away from fossil fuel to low carbon products such as biofuels and renewable energy-derived hydrogen, the industry's lobby group en2x said on...

Read more
1 Dec 2021 12:10

LONDON MARKET MIDDAY: IAG and Whitbread lead Omicron rebound

LONDON MARKET MIDDAY: IAG and Whitbread lead Omicron rebound

Read more
1 Dec 2021 08:54

LONDON MARKET OPEN: Omicron fears ease again but uncertainty lingers

LONDON MARKET OPEN: Omicron fears ease again but uncertainty lingers

Read more
30 Nov 2021 17:33

UPDATE 3-U.S. security review stalls sale of Shell Texas refinery to Mexico's Pemex

(Updates with comment from congressman critical of sale)By Erwin SebaHOUSTON, Nov 30 (Reuters) - A U.S. national security review has delayed the sale of Royal Dutch Shell's controlling interest in a Texas refinery to Mexico's national oil company, ...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.