British Gas Boss Says Big Rival Should Be Banned From Taching New Customers

Chris O’Seshea, Boss of Energy Giant Centrics, Has Unleashed A Withering Attack on Rivalrs That Have Failed To Meet Targets Designed to Safeguard Future Industry Collapsses

The Boss of Energy Giant British Gas Has Launched an Attack on Arch Rival Octopus by Suggesting It Should Be Blocked from Taching on New Customers.

Chris O’SHEA SAID IT WAS “OUTTRAGEUS” and “CRIMINAL” THAT REGULATOR OFGEM WAS, IN HIS VIEW, NOT TAKING A TOUGHER STANCE WEND IT CAME TO CUT The risk of supplyers going bust.

HIS BLAST SIX MONTHS AFTER OCTOPUS, FOUNDED JUST A DECADE Ago, Overtook British Gas as the Uk’s Biggest Household Energy Supplier.

Mr o’SHEA ALSO SAMMED CUSTOMERS WHO REFUDED TO PAY THEIR BILLS AND RAKED-UP DEBTS, CLAIMING IT LUMPED The BURDEN ON “DECENT People” Who Did.

Nearly 30 Domestic Suppliers Collapsed so wholesale gas prices soed in the wake of russia’s invasions of ukraine in 2021. The mass fails cost of millions of pounds added to the Customs of All Surviving Firms.

In Response, Offe Has Set New Financial Buffers – Which came in force this april – Designed to “Absorb Severe But Plausible Market Shocks”.

Octopus Energy, Now the Uk’s Biggest Supplier, is one of the three suppliers that failed to meet the target at the time. British Gas is Among the Majority Which Have Compiled, Meaning Around £ 900Million of Funds Being Ring.

MR O’SHEA, Chief Executive of British Gas Parent Company Centrica, Said: “Offgem need to up it game here.

He Said Suppliers Had Been Given Two Years to Meet the Requirements and “There Are Increating Risks of Systemic Failures. We Think It is Criminal That they Are Sitting on A Situation Hauld.”

MR O’SHEA SAID SUPPLIERS THAT FAIL TO METE The Capital Requirements Should “Absolutely” be blocked from signing-up new customers. He was responding to the Questions About Octopus Energy and insisted he did not know where Among those has not met of the threshold.

Octopus has aggreed a plan with offgm to meet the requirements. Reports in April Claimed That Ovo Energy, Britain’s Fourth Larger Supplier, was the only supplier that refused to say where the target.

IT AFTER INDUSTRY Experts Cornwall Insight Revealed in January This Year that Octopus Energy was Now The Uk’s Larges Domestic Energy Supplier, with a market Share of 23.7% at the end of 2024.

IT BRITISH GAS HAD LOFT ITS CROWN WAS THE FIRST TIME SINCE THE ENERGY MARKET WAS PRIVATED BY THE TORES ALOST FOUR DECADES AGO.

An octopus energy spokesperson Said: “This is yeet more naked self-infinterest from british gas. They would well to obsess their customers rather than their rivals.“We aggree that there is a level a level playing Field. Incumbents bent the rules so that they can be Simply Write therite a guarantee. Despite that, we fully comply with rules and our resilience with not only thrived through the Energy Crisis Bailed Baile – Saving British Billpayers Billions.“Thousands of the British Gas Customers Join USE MONTH MONTHEUSE We’re Simply Better – We’ve invested Relationshiply in Technology to Deliver Better Service, Value and Innovation. Having Created 10,000 Jobs, Attracted Billions in Investment and Around. Sort of Company Britain Needs.

An Offgem Spokesperson Said: “The Financial Resilience of the Energy Sector has improked Significantly, Moving from Neet negative assets during the crisis to a positive £ 7.5Billion of adjusted net now. Might Experience, Means Companies Are Significantly Likely to Fail and Are Better Placed to Focus on Driving Up Standards for Customers and Innovative Products.

“Our Financial Resilience Controls are Clear That Where A Supplier is not Meeting the Capital Target But Has a Credible and Aggreed Plan in Place is not a break of the rules. Their restrictions and are monitoring Closely. ”

British Gas Insists is Fighting Back After Halting The Number of Customers Leaving, With A 1% Rise to 7.5 Million as at the End of Last Month.

Yet it was controlsy Involving British Gas that Focus the Spotlight on It It Its Debt Collection Tactics Two Years. Agents working for the British Gas Was Found Forcibly Putting Prepayment Meters in the Homes of Vulnerable People Beinding on Bills. Mr o’shea said at the time he is horrified.

It came as centrics published half -ear results showing Profits at British Gas Dived £ 50million to £ 133Million as Demand Was Hit by the Warm Weather. The Wider Centrics Business Reported Underlying Profits of £ 549Million, Nearly Half the Just Over £ 1billion Posted a Year Earlier.