BEIS spent £1m on emergency financial advice over collapsed energy suppliers

Without tender process, BEIS appointed directly an investment bank to secure financial support on the energy supplier insolvencies

Big Zero Report 2022

The Department for Business, Energy and Industrial Strategy awarded a £1 million contract for emergency financial advice to help it deal with a string of collapses in the domestic electricity and gas market.

The contract was awarded to the investment bank PJT Partners on the grounds of extreme urgency under Regulation 3 of Public Contracts Regulations 2015.

In recent weeks, several suppliers ceased to trade because of soaring energy prices.

A government spokesperson told ELN: “This work needed to start urgently to inform the government’s response to the current issues in the energy market, so the contract was awarded in accordance with the Public Contract Regulations.”

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