Oct 28 (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)