Distributor passes on £280m in higher energy prices to cover market carnage

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City AM

By Nicholas Earl The UK’s biggest electricity distributor has passed on hundreds of millions of pounds in higher prices to energy users to cover the cost of a wave of failed energy suppliers during the industry crisis. UK Power Networks, which controlled by the Hong Kong billionaire Sir Li Ka-shing, revealed it had received claims totalling £280m amount from suppliers taking on customers. This follows nearly 30 energy firms collapsing over the past year amid soaring gas prices, insufficient hedging and the constraints of the price cap. Energy suppliers that ensure continued supply after a firm…

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