Energy supplier Yü Group glitters in the gloom as shares soar on the London Stock Exchange
Shares in independent energy supplier Yü Group have risen 11.7 per cent on the FTSE AIM-All Share following a strong update ahead of market expectations.
The developments are a rare bright spot for an energy sector that has been shaken by soaring wholesale gas prices, which has seen dozens of energy suppliers cease trading since September.
The energy firm chiefly provides gas, electricity and water to small and medium enterprises across the UK, alongside the corporate business sector.
This means it has not been contained by the consumer price cap – which has limited the ability of domestic consumer suppliers to pass on staggering costs.
Alongside boosts in profits and revenues, it has reported record monthly bookings during the second half of 2021, following strong sales momentum earlier in the year.
The results seem to vindicate its decision to take on 2,000 business customers and 600 domestic consumers from fallen firm Ampower UK, alongside its hedging strategy over the past year.
Ofgem has since announced further financial stress tests and hedging controls to ensure firms are resistant to future market shocks.