Scottish Power exec says 20 more energy firms could fold within a month if price cap not reviewed

Keith Anderson, the Chief Executive of Scottish Power has warned that 20 more UK energy suppliers could fold within the next month.

Speaking to Sky News this morning, Mr Anderson argued that the energy price cap could bring down “dozens” of suppliers, adding that the cap should be shifted to better reflect market energy costs.

16 British energy suppliers have already gone bust this year, 14 of which collapsed over the last two months.

Gas prices have soared by 250% since January.

The energy price cap currently limits how much firms can charge consumers, which means the costs of wholesale price surges mostly fall on the suppliers.

Experts forecast that the energy price cap will be permitted to rise by an additional £400 when it is next reviewed in February.