Centrica boss: “We must make sure this energy crisis will not happen again”

Chris O’Shea said those firms that have not hedged the energy exposure will struggle this winter

Big Zero Report 2022

The Chief Executive of Centrica, owner of British Gas has said Ofgem and policymakers need to take action to make sure this energy crisis will not happen again.

Speaking to Sky News, Chris O’Shea said: “Right now what we see in the UK energy market, one-third of suppliers in the market have gone out of business this year so far. It is incredibly distressing for consumers and there is a huge cost to that.

“And we have to make sure this does not happen again.”

Mr O’Shea said he can not estimate how many more suppliers will go under but “undoubtedly those that have not hedged the energy exposure, those that have not maintained the customer deposits will find it very hard to survive this winter.”

Centrica boss said it is “incumbent” for Ofgem to make sure that energy companies deliver on their commitments: “It is incumbent upon the regulator to make sure that every company in our sector can deliver on the promises that we make for the customers. It is very very simple. And we have to make sure that this never happens again.”

Mr O’Shea has called for regulatory reforms that are “urgently required”.

A few days ago, Centrica cancelled its Capital Markets Event due to the current conditions in the UK energy market.

British Gas took on approximately 351,000 customers of the failed supplier People’s Energy.

If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter. 

Latest Podcast