As many as one-in-four UK households receive energy from providers that could face collapse as a consequence of soaring gas prices, industry sources have warned
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The huge potential exposure has prompted Mr Kwarteng to consider granting government-backed loans to established providers to ensure they are able to take on new customers. ''There'll be no three-day working weeks or a throwback to the 1970s. Such thinking is alarmist, unhelpful, and completely misguided."Providers would still have to borrow the funds on commercial markets, but the loans would be secured against government guarantee and be paid back over a long period, with the cost shared across all energy bills.
If a supplier of last resort is not possible, a special administrator would be appointed by Ofgem and the government. "The market is a dog's dinner," said Dale Vince, founder of renewable provider Ecotricity, which hedges all but 10% of its supply. Newer entrants, however, argue they meet a demand for more straightforward bills and cheaper supply to challenge the dominance of the bigger established players.
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