Sunday 10 October 2021 11:01 am

Gas price crisis: Ovo boss hints more energy companies will fold

More energy companies will have a “hard time” due to rising gas prices, the chief executive of Ovo has said.

Stephen Fitzpatrick told the BBC this morining: “There are a lot of companies in the market that have sprung up quite recently, there’s been some great competition in the UK market, consumers have benefitted.

“But I think over the past couple of years it’s become too easy to get into the energy market, it’s a very complicated industry and I think some people have underestimated the risks and how complicated it is.

“There are a lot of companies having a hard time, there’s probably going to be more to come.

“There are lots of different scenarios and at the moment the big issue is not about the temperature and how cold it is, because we can look back in time and say this is how much energy we use at different temperatures and so on.

“The big uncertainty we’ve got at the moment is around price – prices are up 1,000 per cent already in twelve months.”