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BP-backed UK energy supplier Pure Planet close to collapse -Sky News

By Reuters

LONDON -BP-backed British energy supplier Pure Planet is close to collapse and is in talks with energy regulator Ofgem, Sky News reported on Sunday.

Pure Planet could not be reached for immediate comment. BP, which owns a minority stake in the supplier, said it did not have a comment on the Sky report.

Soaring wholesale energy prices have already forced a number of British energy firms out of business, and regulators have warned that more are expected to follow.

Energy regulator Ofgem did not respond directly when asked if it was in talks with Pure Planet, but said in a statement:

“Our number one priority is protecting customers. In the event a supplier fails, Ofgem has robust systems in place and our safety net ensures customers’ electricity and gas supply continue and protects their credit balances.”