As countries began to recover from the pandemic, demand for gas started to increase again and could not be met due to a shortage in supply, causing gas prices to increase in 2021. The problem was made worse by renewable sources like wind and solar producing less power and cold weather during the winter months forcing more people to turn their heating up.
This increase in gas prices forced some energy suppliers in Great Britain out of business. By the end of December 2021, a total of 28 energy companies had gone bust, including bigger companies like Bulb, affecting over two million customers.
If your energy supplier collapses, you don’t need to do anything. You will still receive your gas and electricity as usual. Ofgem, the energy regulator, will move your account to a new supplier. They will let you know which one this is.
More recently, Russia’s invasion of Ukraine has threatened supplies and driven up prices further. Russia is one of the world’s largest producers of oil and gas, supplying the EU with 40% of its gas in 2021.