Losing their hedge: why so many UK energy suppliers went bust

Hedging strategies were powerless to protect firms from runaway energy price rises

Lancashire-based PFP Energy supplied gas and electricity to 85,000 domestic and non-domestic customers in the UK. Its 2020 annual report trumpeted its “sophisticated hedging programme” – the kind that should have helped the firm ride out bumps in wholesale energy markets.

On September 7, 2021, PFP Energy went bust. It was one of 21 UK energy providers to have shut up shop since the start of the year amid soaring prices for natural gas.

Adrian Leaker was managing director at PFP Energy until

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