More Energy Companies Going Bust (Directors Taking The Money And Running)

[Canary42]

The Public utilities are safe in Private hands (NOT)

https://www.bbc.co.uk/news/business-59311551

Directors and shareholders obviously took too much money out of the business, leaving nothing to safeguard against future events.

But that's how Capitalism in Public Services works because the Govt (for that read tax payers) will always have to bail out failures. Private Ownership of Public Utilities is a licence to print money.

[gulliver1]

It won't be long now before the Banks in the UK go under and the directors will
Pee of with your money .,,,, Corrupt Britain...

[bobbinwales]

I explained this last time but maybe you forgot. The customers don't lose there money. There protected. These are small suppliers who tried to take on the giants but failed when raw prices rocketed. I thought you'd support the small boys against the corporate giant's canary42

[bobbinwales]

Again gulliver. It's protected money. Most banks are foreign owned anyway not UK owned.

[bobbinwales]

Are youa double a t designed to make us socialists look bigoted and unreasonable. You both had threads called rejoice rejoice inoticed

[New Judge]

//Directors and shareholders obviously took too much money out of the business, leaving nothing to safeguard against future events.//

I don't think so.

The cause of the problem is Mrs May's "energy price cap." Because of it, energy providers cannot charge as much for the energy as they are having to pay for it. It's what happens when politicians interfere with the free market.

Where successive governments could have helped was to enact policies which would have made the UK energy secure rather than being dependent on (often hostile) foreign regimes. This would have meant supporting a proper nuclear power programme, continuing to allow coal fired power stations to operate and to sanction the fracking of the huge gas reserves available in this country. Instead they left our energy supply largely in the hands of foreigners and prevented suppliers from charging what those foreigners wanted for their supplies.

[gulliver1]

20.48 , It's only protected up to £85,000.

[bobbinwales]

'Only' up to 85000 per institution per person. Odd to see your worried about those fat cats with huge bank balances being ripped off . Anyway you still haven't explained why you feel hsbc santander are Brits ripping us off.

[youngmafbog]

Gully is obviously rolling in it!

Canary, you do realize that if it had been publicly owned the price would be a lot dearer than it has been all the years it has been privatised? And there would not have been any price cap so it would be enormous immediately now.

No, the real problem, as NJ points out, is the lefty liberals banging on about Green and Governments grasping their chants so they dont have to invest in infrastructure. In other words it people like you that are the cause of this.

[bobbinwales]

I'm not against nationalising but it would cost too much now and given that company's are losing money now it would cost the tax payer billions unless nationalised industry doubles prices. At least now its shareholders losing out.

[youngmafbog]

//and given that company's are losing money now//

Not necessarily the case. Some of the very small companies are having an issue because they were not proper energy companies. Bigger ones will have bought in the gas at a price some time ago for the fixed price customers. It may become more of a problem if the Government refuse to lift the cap but then a Nationalised Company wouldnt have that cap and would have raised prices already. Having charged more for gas for the many years private companies have operated.