40,000 businesses face higher bills as supplier closes and fears of energy crisis deepen – .

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40,000 businesses face higher bills as supplier closes and fears of energy crisis deepen – .


Thousands of businesses are facing an increase in their energy bills this winter after a gas transmission company warns it will no longer be able to operate.

CNG Group, a Yorkshire-based wholesale company that also sells gas to around 15 small energy providers, has told customers it is pulling out of the market and should find alternatives.

CNG is now seeking buyers for its commercial sourcing arm, which has approximately 40,000 small and medium-sized businesses on the books.

One of his former clients told the BBC that CNG’s business customers could see their energy bills quadruple as the soaring cost of natural gas is passed on.

Businesses have no equivalent of price caps on home energy, leaving many exposed to rising prices that drive up their costs.

Boss Paul Stanley (pictured) said in a letter to clients that the past few weeks have been ‘unprecedented’ for energy markets. His company’s woes will wreak havoc on FTSE 100 mining giant Glencore, which CNG said was a “long-time supplier and shareholder” in its latest set of accounts.

The deadline for CNG bids is expected to be as early as the end of this week, according to Sky News.

Boss Paul Stanley said in a letter to clients that the past few weeks have been “unprecedented” for the energy markets.

The company has been hit hard by customer bankruptcies, leaving it sitting on unpaid bills for gas shipments, straining its finances.

Mr Stanley said he expected more energy providers to fail in the coming weeks.

His company’s woes will wreak havoc on FTSE 100 mining giant Glencore, which CNG said was a “long-time supplier and shareholder” in its latest set of accounts.

CNG Group has been hit hard by customer bankruptcies, leaving it sitting on unpaid bills for gas shipments, straining its finances. Mr Stanley said he expected more energy providers to fail in the coming weeks (stock image)

A wave of UK energy providers has collapsed in recent weeks as energy costs have risen.

Two companies, Pure Planet and Colorado Energy, backed by BP, went bankrupt this week, joining failed brands such as Avro Energy, People’s Energy and Igloo.

There are concerns that CNG’s decision to exit the market could trigger a domino effect, leading to even more suppliers.

The crisis has forced hundreds of thousands of British households to turn to new suppliers through the “supplier of last resort” system managed by the regulator Ofgem.

Ministers have so far been reluctant to change this process.

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