Britain’s largest electricity distributor has passed on £280 million in higher prices to consumers to cover the cost of a wave of failed energy suppliers.
UK Power Networks, controlled by the Hong Kong billionaire Sir Li Ka-shing, said it had received claims totalling that amount from suppliers taking on customers as about 30 rivals have collapsed over the past year amid soaring gas prices.
Energy suppliers that ensure continuity of supply in these cases can claim back costs from the distribution network operators (DNOs), including UK Power Networks, which operate the power lines and cables that connect homes to electricity. The process is called the “supplier of last resort”.
UK Power Networks, which delivers power to 8.3 million homes and businesses across London, the east
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2022-08-06 23:01:00Z
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