New energy suppliers could face strict financial checks and existing companies could be subjected to stress tests, under a regulatory shake-up being considered by Ofgem. The energy watchdog is expected to announce today that it will carry out a review of the rules governing suppliers, amid growing concern that they can be set up too easily and that more could go bust after the demise of GB Energy Supply last year. About 50 gas and electricity suppliers are operating in the UK market, double the number of three years ago. Ofgem has welcomed increased competition to the Big Six suppliers, but it is under increasing pressure to check the financial health of other smaller companies.
Times 9th Feb 2017 read more »