Scottish Power plans to exit the business supply market, Bloomberg reports.
It said the exit would be gradual, but uncertainty in the industry was growing with the potential failure of a large Russia-backed supplier. Other reports say the future Gazprom M&T, the UK arm of the Russian company, is close to collapse.
“The energy market is facing unprecedented challenges and we have taken the decision to exit the industrial and commercial market,” according to a Scottish Power statement quoted by Bloomberg. “There is no impact on existing business customers, we will continue to honor all contracts and no employees are affected by this decision.”