Energy firm Scottish Power has revealed it will stop selling energy to industrial and commercial (I&C) customers in the UK.
A spokesperson said told Reuters: “The energy market is facing unprecedented challenges and we have taken the decision to exit the I&C market. There is no impact on existing business customers, we will continue to honour all contracts and no employees are affected by this decision.”
Scottish Power – which is owned by Spanish energy giant Iberdrola – will continue to serve domestic consumers.
It currently has over five million households on its books.
The industry has endured mass carnage in recent months – with nearly 30 suppliers exiting the market since last September amid soaring wholesale costs.
There are now reports Gazprom Energy – which provides 20 per cent of the energy needs for UK businesses – could collapse, as customers flee and sever ties with the subsidiary of the Russian state energy firm.
The firm’s executives are reportedly chasing potential buyers, exacerbating government fears it could be placed in special administration
Gazprom Energy would not be the first supplier to enter into de-facto nationalisation, with Bulb Energy being propped up by nearly £3bn in public money since last November.