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November 09, 2022

Gas Market Insolvencies in Great Britain: Legal, Regulatory and Insolvency Issues

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GAS MARKET INSOLVENCIES IN GREAT BRITAIN: LEGAL, REGULATORY AND INSOLVENCY ISSUES

Over the past decade there has been an influx of small- and medium-sized entrants to the U.K. gas supplier market, which is supervised by Great Britain’s independent energy regulator, the Office of Gas and Electricity Markets (Ofgem). According to Ofgem, this market development had the effect of increasing price competition and putting pressure on incumbent suppliers to improve customer service for consumers.

Price volatility and increased prices, linked to the consequences of Russia's invasion of Ukraine and the ongoing war there, have put many gas companies under strain, as well as impacting consumer prices.

This note updates our 4 October 2021 publication on these issues. It highlights U.K. gas regulatory and financial markets issues arising out of the current crisis that create challenges for participants. We expect this note to be of interest to trading companies in the gas supply chain, participants in the gas financial markets and their clearing firms, insolvency officials and practitioners, and even consumers.

Read the full memo, “Gas Market Insolvencies in Great Britain: Legal, Regulatory and Insolvency Issues.”

Authors and Contributors

Thomas Donegan

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5566

+44 20 7655 5566

London

Barnabas Reynolds

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5528

+44 20 7655 5528

London

Alexander Wood

Partner

Financial Restructuring & Insolvency

+44 20 7655 5935

+44 20 7655 5935

London

Helena Potts

Partner

Financial Restructuring & Insolvency

+44 20 7655 5964

+44 20 7655 5964

London

Fraser Padmore

Associate

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5712

+44 20 7655 5712

London

Kristina Killick

Associate

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5783

+44 20 7655 5783

London

Sandy Collins

Professional Support Lawyer

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5601

+44 20 7655 5601

London