Energy firms face stricter tests after collapses

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Bosses of firms will also face vetting after criticism of the regulator about competition in the market.

Energy companies will face more robust financial checks from January after a host of companies failed owing to a wholesale price surge, the regulator Ofgem has announced.More than 20, mostly small, suppliers have collapsed following a spike in wholesale gas prices.The regulator also said it was consulting on the future set up of the energy price cap, designed to protect customers who have not switched. It has been highlighted as part of the problem by some failed companies.

Citizens Advice, the official advocate for energy customers, recently published what it described as Ofgem's "catalogue of errors" in recent years, that was now ultimately leaving customers having to pick up a multi-million pound bill. "What we want to say to suppliers is either get some insurance, buy your energy ahead or have enough money in the bank to weather a storm like this," Mr Brearley told BBC Radio 4's Today programme.Customers of collapsed firms now have to pay more for their energy, because their original tariff was not protected. Those on the price cap also saw prices rises in October.

 

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