A group legal action against major UK energy suppliers has been launched on behalf of businesses who were allegedly overcharged for gas and electricity via secret commission payments to brokers

OVO Energy’s reported move has the potential to elevate its standing to that of Britain’s second-largest energy supplier

The measure was introduced last year in response to a surge in gas and electricity prices

The Energy Markets Financing Scheme has closed without receiving any applications, the Bank of England has confirmed

Citizens Advice say more people couldn’t top up their prepayment meter than in 2022 than in the whole of the last decade

The Bank of England will provide a loan guarantee to gas and electricity firms under the government’s Energy Markets Financing Scheme

A floor price for gas and electricity will be applied to fixed tariffs, the government has confirmed

More than 10% of a household’s disposable income is forecast to be spent on energy bills

Analysts forecast a further upward pressure in gas prices as Russia cut supplies to more countries

The company’s portfolio is too large to let other suppliers bid to take over, reports have claimed