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Bluegreen energy firm collapses due to soaring global gas prices

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dailyrecord.co.uk

Another small energy supplier has gone bust amid a squeeze on the sector caused by a spike in global wholesale gas prices. Bluegreen Energy Services, which had just 5,900 customers, has stopped trading, regulator Ofgem said on Monday.

The supplier becomes the 14th to go out of business in the last two months, as global gas prices soar. The price of gas has risen by as much as five times this year compared to its prices in January and has pushed many energy suppliers to the trading limit.

They are stuck in a difficult position, having signed contracts with many of their customers that force them to sell energy for less than it costs them to buy it.

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