Gas Crunch Threatens UK Energy Industry With Wave Of Bankruptcies

The UK energy industry is facing a wave of bankruptcies amid a gas supply crunch that has sent electricity prices soaring, leaving suppliers vulnerable. Since the start of the year, seven electricity suppliers in the country have gone under, Bloomberg reports, because of failing to hedge against price hikes. This meant that they sold electricity to clients at lower prices than the current ones. They must now buy it expensively and then sell it cheaply, which is the fastest way to bankruptcy. As a result, the industry has called on the government…