Four British energy suppliers collapse; BP sees high gas prices in winter – as it happened | Business

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It’s time to conclude..

Four more energy providers have gone bankrupt in a single day as historic highs in the gas market continue to trickle down to the UK energy market amid new fears that Russia is limiting supply in gas from Europe.

Energy regulator Ofgem said the collapse of four small energy providers on Tuesday would leave around 24,000 households in need of a new supplier and bring the total number of bankrupt energy companies to 17 since it began. September, affecting more than 2 million households.

Zebra Power had the largest customer base and supplied power to 14,800 homes. Omni Energy supplied around 6,000 domestic prepaid customers, while AmpowerUK had around 600 customers in the UK and supplied another 2,000 households overseas. MY Energy.

The wave of failures follows soaring global energy market prices due to a sudden surge in demand for gas as economies have begun to ignore restrictions linked to the Covid-19 pandemic. Gas markets have hit record highs in recent weeks, leading to one of the biggest increases in home energy bills and fears of a cost of living crisis this winter.

Here’s the full story:

These surges in oil and gas prices helped BP post an 18% jump in underlying earnings last quarter, beating expectations.

BP CEO Bernard Looney predicted that gas prices would remain high in the coming months.

He told the Guardian:


“All other things being equal, of course it’s a big if, we expect gas prices to return to normal probably by the summer of next year.”

The energy giant also plans to reward its shareholders with a new $ 1.25 billion buyback program … although this capital could be used to fund a faster transformation to green energy instead ….

Russia added to concerns over the energy crisis, with supplier Gazprom refusing to purchase additional capacity on pipelines to Europe via Ukraine and Poland for next year. The move could intensify pressure on regulators to approve its controversial Nord Stream 2 pipeline, which bypasses Ukraine.

Helene robertson
(@HelenCRobertson)

Russia has signaled that it will not do everything it can to offer European consumers additional gas unless it obtains regulatory approval to begin shipments via Nord Stream 2 https://t.co/k9Z7le0Mru#ONGT


November 2, 2021

In other news ….

Pharmaceutical giant Pfizer has faced further criticism from groups such as Amnesty International, after further raising its sales forecast for its Covid vaccine and reporting increased sales and profits.

Campaign group Global Justice Now has accused Pfizer of “killing off” with “the most lucrative drug ever produced” when “most of the world has been shut out of this vaccine.”

Shipping giant Maersk has warned that there is no end in sight to the supply chain crisis as its ships continue to be delayed by delays in ports.

These problems are hitting European manufacturers as well – output growth at Eurozone factories has slowed to its lowest rate in 16 months.

Standard Chartered predicted the recovery will be patchy, helping to push its shares down nearly 8% today.

Yahoo is leaving China, due to Beijing’s crackdown on tech companies.

Tesla shares have moved away from their records, after Elon Musk questioned his agreement to sell 100,000 cars to Hertz.

But the Avis car rental group has doubled in value, after pledging to play a bigger role in lifting the uptake of electric cars in the United States.

Meal kit supplier Hello Fresh has also rebounded, after raising its sales targets after strong growth this summer.

But games company Flutter has revealed that a string of winning results for the favorites last month squeezed profits by £ 60million.

Hut Group shares hit an all-time low on Tuesday after it emerged that BlackRock was halving its stake in the online retailer after a tough month for the company.

A report by climate finance activists showed Barclays funded more fossil fuel projects than any of the UK’s biggest banks in the months leading up to the Cop26 climate talks in Glasgow.

And the Bank of England faces criticism of how it conducts its first climate stress tests, with politicians and campaigners warning that a lack of penalties for dirty assets will do little to encourage banks to clean up their act. .

Good evening. GW



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