Policy moves to tackle a looming crisis are being debated but not enacted as the nation waits for the Conservative Party to choose the new prime minister.
Russia's invasion of Ukraine in February then led to sharp, sending European natural gas prices to a record high and triggering a rise in electricity prices, too.
"The impact has been exacerbated by high electricity prices in Europe, where drought conditions have affected hydro power plants and unplanned outages have reduced French nuclear output," Joanna Fic, senior vice president at Moody's, told CNBC.Since the start of 2021, 31 British energy companies have collapsed due to the spike in wholesale prices, with their customers transferred to other market players.
According to regulator Ofgem, the cap was introduced in 2019 to stop consumers who do not regularly switch suppliers from facing excessively high fees, rather than to prevent overall price rises which are dictated by wholesale markets.Nicolas Bouthors, equity research analyst at Paris-based AlphaValue, told CNBC that a few bankruptcies in smaller companies were still possible this winter, but it was likely all or the majority would weather the storm.
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