Nearly a dozen more energy suppliers are on the verge of collapse…

Meaning bills are set to soar even higher. This has been determined by the credit risk scores of the remaining electricity and gas suppliers on the market. These suppliers have been deemed ‘maximum risk’, which puts them at imminent risk of collapse.

Bulb – the seventh biggest supplier in the UK went into administration on Monday. More than 20 have collapsed since the start of September, affecting nearly 4million customers. It is estimated that a typical bill could rise to at least £2000 next year, up from £1277 as stands under the current energy price cap. But a dozen more supplier failures would send bills up even more.

Every time a supplier goes bust the costs of the remaining suppliers increase, which in turn makes those suppliers more vulnerable. It’s entirely possible that only one or two of the challenging suppliers will be left standing alongside the big 5 this time next year. As surviving suppliers take on millions of customers from the failing companies their profits are squeezed, which will mean prices will continue rising for the next 12-18 months.