Glencore-backed CNG underpins deepening energy crisis as it seeks bids within days

A commercial energy supplier backed by Glencore, the FTSE-100 commodities trading giant, is seeking bids for its commercial supply arm within days, underlining the widening nature of the crisis engulfing the sector.

Sky News has learnt that advisers to CNG Group are seeking offers for the arm of its operations which directly supplies more than 40,000 small and medium-sized businesses by the end of the week. News of the bid deadline comes as CNG prepares to withdraw from the gas wholesale market, telling its commercial customers on Wednesday that it would no longer facilitate the supply of gas to them.

Sources said CNG was working with legal and accounting advisers to prepare the wholesale business for an insolvency process.The global impact of rising energy prices An insolvency practitioner is likely to be appointed early next week, given the impact on CNG's finances of recent utility collapses.EnergyA number of the utilities which it acts as the shipper for have collapsed in recent weeks as the energy crisis has engulfed the British residential market.

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