Ofgem has announced new plans to improve the financial health of energy suppliers in an effort to avoid company failures on the scale seen over the last year.
The Industry and Regulators Committee has said the UK is likely to miss its net zero by 2050 target, as the goal has not been matched by the policies and the clarity over financial incentives needed.
Two more energy suppliers have collapsed, with Whoop Energy and Xcel Power Ltd leaving 536 customers to be absorbed by the Supplier of Last Resort (SoLR) mechanism.
There are 12 suppliers in the UK that are technically insolvent and therefore at risk of collapse, according to analysis from accountants Price Bailey.
