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2 Energy Companies Become The Latest victims of The Record Energy Price Hikes

MoneyPlus and PfP Energy close their doors as prices reach new highs, 100,000 customers will lose their utility company.

Energy providers are experiencing a surge recently, and this has led to over 100,000 UK customers without an energy company.

MoneyPlus Energy and PfP Energy succumbed to the increasing market pressure as the The UK’s gas market has been seeing large jumps this week, with chart busting high prices being reached on Tuesday. In the electricity market, prices have also been surging back to 2008 price levels.

It is expected to see a a glut of similar small suppliers collapse under the pressure this winter because the cap on energy prices won’t end until October.

according to experts at ICIS. prices of gas in the UK reached a new high on Tuesday of 136.68 pence per therm, not lagging behind, Electricity prices are soaring. Per megawatt-hour, a 13 year high!

Business Gas at Record Highs Business Electricity at Record Highs

Recently, we’ve seen a spike in UK’s electricity prices and like many of you, we’re trying to work out what is causing the rise and what these supply and demand changes mean for everyone. Gas-fired power use was particularly strong, bolstered by a drop in wind power meaning shortages of renewable power.

The electricity system operator had to ramp up coal power plants for emergency-use to meet 5% of the power demand in England, Scotland and Wales, Coal power consumption has risen substantially since the cold weather in March, regardless of the low demand and pleasantly warm weather.

The UK market for energy has been growing rapidly. This year, it will be one of the most expensive in the last 10 years. Smaller energy suppliers are still at risk of bankruptcy due to their inability to control costs. Meaning business are likely to see some of the highest prices for over a decade!

Power firm (PFP) is to leave 5,000 business customers without an energy supplier. Some 9000 customers for MoneyPlus will also be left without a supplier

In the coming days, Ofgem will be making a decision on a new supplier for all customers currently receiving gas and electricity from the collapsed company while households and businesses continue to receive service.

This could lead to your business energy being handed over to an energy supplier you either do not like, trust or may end up with bills that are way more expensive in the future, this is why we are now urging any customers with PFP to contact us immediately. We are able to advise on the best possible tariffs for your needs. There is no need to speak to a salesperson as you can run a live Business Electricity or Gas Quote or on our business energy comparison tool with immediate results, all of which can then be chosen and completed through email signatures.

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