A Glencore-backed gas shipper has told its UK energy supplier customers that it will cease to work with them, raising fears of a fresh wave of company failures.
CNG, based in Harrogate, has commercial arrangements with between 15 and 20 household energy suppliers as their gas shipper — responsible for arranging the transportation of gas they have bought through the gas network.
CNG also arranges wholesale gas trading for many of these companies through Glencore, which has a minority shareholding in CNG. Suppliers are now scrambling to try to make alternative wholesale trading arrangements amid warnings that they will struggle to do so in the current market.
Good Energy Group, the Aim-quoted supplier with about 85,000 customers, confirmed to The Times that CNG was its