ScottishPower boss predicted that consumers will likely face higher energy bills in the next few months due to the energy crisis.
Speaking to BBC’s Today programme, Keith Anderson, Chief Executive Officer of Scottish Power commented on the recent failures of energy suppliers: “What happened yesterday it’s been a long time coming.
“There was an influx of a lot of companies entering this market and a lot of these companies have not been run properly, they have not been properly funded and they have not taken the proper safety measures to make sure they protect customers and protect consumers.
“We need a lot of changes in this market to get a more sustainable footing.”
Two days ago, Bulb, which has 1.7 million customers announced it will enter a special administration regime.
The ScottishPower Chief said it cannot be ‘unacceptable’ that customers of companies that still operate in the market have to bear the cost of failures of other energy suppliers.
Mr Anderson added: “We have already seen the price cap go up by £150 to £180 and everybody is predicting that in April the price will go up by several hundred pounds. Exactly how much we cannot be sure right now.
“Then we are going to have the cost of all these market failures, all these regulatory failures and company failures. They will come through and all of the customers are going to have to pay for those as well. We are looking at, it’s sad to see but we are looking at a future where two or three prices caps are coming up because of the state of the market.”