BUSINESS LIVE: Ofgem hires special administrator as energy prices rise

BUSINESS LIVE: Wetherspoon reports record loss; Ofgem hires special administrator amid energy crisis; Higher prices as new energy price cap kicks in; £105m a year airport drop-off fees on the rise

The UK’s energy regulator Ofgem has hired Teneo as a special administrator in preparation for the potential rescue of a major supplier.

It follows the September collapse of nine energy suppliers, which collectively served more than 1.7 million customers, including last week’s demise of Igloo Energy, Symbio Energy and Enstroga.

The energy price cap will rise by £139 today in a change that will leave millions of households paying out more for their monthly gas and electricity bills.

The hike comes at a difficult time for many, amid the end of the furlough scheme, a cut to Universal Credit, supply chain disruptions and creeping inflation.

Britons face forking out £105million a year in airport drop-off zone fees, with the average charge standing at just over £3.50 a pop, according to new research.

From 1 November, Heathrow will become the latest UK airport to slap a drop-off zone fee on motorists, with a £5 charge introduced.

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Energy prices are on the rise as the UK regulator appoints a special administrator in anticipation of the collapse of major suppliers 

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