One Select Ceases to Trade

Monday, December 10, 2018

A small British energy supplier, One Select, has ceased to trade, regulator Ofgem said on Monday, promising to find a new supplier soon for its 36,000 customers.

This is the third small energy supplier to have ceased trading in as many weeks and Ofgem said last month it would introduce financial and customer service tests for new entrants to beef up their robustness.

"We have seen a number of supplier failures this year and our safety net procedures are working as they should to protect customers," Ofgem said in a statement.

A push to increase competitiveness in Britain's energy market has reduced the market share of the six largest companies to 70 percent from over 95 percent in recent years, with 60 smaller independent companies in operation.

However, their rapid rise has led to questions over their viability as, with less capital available to make long-term hedges, some may have been vulnerable to soaring wholesale commodity price rises and renewable subsidy charges.


(Reporting by Sabina Zawadzki; Editing by Mark Potter)

Categories: Energy Europe

Related Stories

China Starts Production at Major Oil Field in Bohai Sea

China Starts Production at Major Oil Field in Bohai Sea

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

Turkey Discovers New Black Sea Gas Reserve

Turkey Discovers New Black Sea Gas Reserve

EnQuest Bags Two Production Sharing Contracts off Indonesia

EnQuest Bags Two Production Sharing Contracts off Indonesia

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Current News

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com