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UK energy regulator says more suppliers may go bust due to high prices

UK energy regulator Ofgem said on Thursday, more British energy suppliers could go bust because of continued high wholesale energy prices.
The Trust reported according to Reuters, some 12 energy supplies have already collapsed this year affecting more than 2 million customers. Nine folded in September, as they struggled to cope with record gas prices.
Ofgem Chief Executive Jonathan Brearley told the Energy UK conference: "Given the continued volatility in the market it is likely more suppliers will exit the market."
Britain's energy minister Kwasi Kwarteng told the conference the government would not bail out failing energy suppliers.

Most energy suppliers hedge customer needs in advance but some firms, with less capital available, have struggled to keep pace with wholesale gas prices which have surged as much as 400% or more this year. They were up about 380% on Thursday.
Read more: UK house prices record highest rate of increase since 2007
A cap on household domestic electricity and gas bills, which came into effect in 2019, has limited the impact of wholesale prices for consumers Brearley said, but warned this will eventually need to rise to reflect the changes.
Brearley said: "(The cap) is designed to reflect fair costs and therefore will need to adjust over time to reflect the changes in fuel costs we are seeing today."
Read more: Boris Johnson pushes ‘level up’ message despite economic woes
He said the regulator had tightened rules on new entrants joining the energy supply market in the past few years but that it would seek to go further.
He said, without giving more details on what the regulator could do: "If we do see sharp and unethical practices, we will use the full extent of our powers."
Source: trust
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Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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