Energy supplier Green faces administration with hundreds of job losses

21 September 2021, 14:44 | Updated: 21 September 2021, 16:17

A number of small energy companies face going bust
A number of small energy companies face going bust. Picture: Alamy

By Daisy Stephens

Energy supplier Green, which serves around 250,000 customers, is facing administration as energy prices soar.

Green is working with Alvarez & Marsal (A&M) to coordinate plans to use the industry regulator Ofgem's Supplier of Last Resort (SOLR) mechanism, according to Sky News.

The company could reportedly enter administration within days. Hundreds of workers face losing their jobs.

READ MORE: No question of lights going out this winter, says Kwarteng amid gas price crisis

READ MORE: Gas prices: What happens if my energy supplier goes bust?

Wholesale prices for gas have surged 250% since January, with a 70% rise since August alone – leading to calls for support from the industry and the collapse of some smaller energy firms.

It comes after Business Secretary Kwasi Kwarteng yesterday insisted the Government will "not be bailing out failed companies".

He told MPs: "The Government will not be bailing out failed companies. There will be no rewards for failure or mismanagement.

"The taxpayer should not be expected to prop up companies which have poor business models and are not resilient to fluctuations in price."

Matrin Lewis issues stark energy warning

Peter McGirr, the CEO of Green energy, previously told the Independent the government had offered “no support” to struggling smaller firms.

"You don’t even need to look at the next six months, I would say the next three months will be curtains for us. We will not survive without any support," he said.

"Unfortunately we will exhaust all our options in terms of raising finance unless there is an offer from the government, which it doesn’t look like there will be.

"We will have no choice but to fold the company. At this present moment it feels like the business secretary is very happy with that."

More Latest News

See more More Latest News

Armed robbers attempted to break into the star's Sunderland home.

Masked machete-wielding robbers break into Charlotte Crosby's home while she is upstairs with two-year-old daughter

Police have released new CCTV of Harshita Brella and her husband

Chilling CCTV released of Harshita Brella and prime murder suspect husband on night she was killed

First photos of Gavin and Stacey Christmas Special as James Corden and Ruth Jones mark triumphant finale

First photos of Gavin and Stacey Christmas Special as James Corden and Ruth Jones mark show's triumphant finale

King Charles performs a Hongi, a traditional Maori greeting, with Mere Takoko

King Charles shares traditional Maori nose rub greeting with activist as he launches environmental charity

Putin issued a chilling threat to the West as he confirmed Russia launched a ballistic missile against Ukraine

Putin issues chilling warning to UK and US as he confirms Russia hit Ukraine with new 'experimental' ballistic missile

Telegraph writer Allison Pearson.

Police drop investigation into journalist Allison Pearson over tweet - as review to be launched over handling of case

Exclusive
Angela Rayner has paid tribute to John Prescott

Angela Rayner says John Prescott 'used to call her after PMQs to remind her to stay true to who she is'

Four men have been arrested accused of attempting to rob a mobile phone store

Undercover police arrest four men after EE shop raided by masked gang

Matt Gaetz withdraws as Donald Trump's nominee for attorney general amid sexual misconduct allegations

Matt Gaetz withdraws as Donald Trump's nominee for attorney general amid sexual misconduct allegations

Donald Trump Watches SpaceX Launch Its Sixth Test Flight Of Starship Spacecraft

Elon Musk pledges to fire civil servants who work from home

Seven-month-old baby mauled to death by family dog after leaning on animal while crawling, inquest hears

Seven-month-old baby mauled to death by family dog sustained 'catastrophic' injuries after leaning on pet, inquest hears

Starmer has backed the International Criminal Court over its arrest warrant for Netanyahu

Starmer backs International Criminal Court after it issues arrest warrant for Benjamin Netanyahu

Five men charged over smuggling of migrants from UK to France in lorries

Five men charged over smuggling of migrants from UK to France in lorries following dawn raids

Rhiannon Skye Whyte was stabbed to death in Walsall

South Sudanese teen accused of murdering asylum seeker hotel worker with screwdriver 'refuses to appear in court'

Will Guyatt questions who is responsible for the safety of children online

Are Zuckerberg and Musk responsible for looking after my kids online?

Simone White has died following a poisoning with alcoholic drinks at a bar in Loas

British lawyer, 28, dies following suspected mass methanol poisoning at bar in Laos