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U.K. energy supplier bankruptcies reach 25 as Zog collapses

By Steve Goldstein

The U.K. Office of Gas and Electricity Markets on Wednesday announced the collapse of Zog Energy, the 25th provider to collapse as gas prices have surged.

Zog Energy supplied 11,700 customers, Ofgem said. "In recent weeks there has been an unprecedented increase in global gas prices which is putting financial pressure on suppliers. Ofgem is working closely with government and industry to make sure customers continue to be protected this winter," the regulator said.

Up 2% on Wednesday, the lead natural-gas contract trading on the ICE futures exchange has surged 455% over the last 12 months.

The large-cap FTSE 100 rose 1.4% to 7,158.32, bouncing along with other global markets as traders try to price in the likely economic impact of the omicron variant of coronavirus.

British Airways operator International Airlines Group surged 6%, and Premier Inn operator Whitbread added 4%. Engine maker Rolls-Royce and broadcaster ITV also gained ground.

In the midcaps, Liontrust Asset Management jumped 13% after doubling its dividend as assets under management climbed 73%. Liontrust has benefited from demand for funds with an environmental, social and corporate governance focus.

-Steve Goldstein

 

(END) Dow Jones Newswires

12-01-21 0923ET

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