PwC installed as administrator of Zebra Power
Amid a mounting crisis in the UK energy market, PwC has been appointed as administrator of Zebra Power. The energy supplier is the latest to succumb to high-flying wholesale gas and electricity prices.
Zebra Power is an energy retailer supplying gas and electricity to approximately 15,000 domestic customers. Headquartered in Manchester, it has 21 employees.
In recent months, the firm has been experiencing financial challenges as a direct result of the sharp increase in wholesale gas and electricity prices. By October 2021, this was compounded when the company’s gas supplier advised of its intention to withdraw from the wholesale gas market. As it was unable to secure alternative services at a viable price, Zebra Power has appointed Jane Steer and Eddie Williams of PwC as joint administrators.
Steer, who is a PwC Partner, said, “The energy industry has been facing well documented challenges with unprecedented rises in wholesale energy prices… We will be working closely with British Gas to ensure a smooth transition for all customers. Our priority is to preserve continuity. I would like to thank the employees of the Company for their ongoing support and hard work during a very difficult time.”
As has been common in recent months, the beginning of the administration has seen the mid-tier energy firm transfer its customers to a larger supplier. As it ceased to trade, working with key stakeholders and OFGEM, Zebra Power secured a Supplier of Last Resort agreement, and ensure continued services for its customer base.
The UK energy sector is presently in disarray, with a 250% rise in wholesale gas prices having pushed a growing number of mid-market firms to collapse. In recent years, experts had asserted that these smaller competitors would help drive down utilities prices for UK consumers, but the present situation is seeing many of them disappear without any such change materialising.
A total of 20 suppliers have collapsed since August. Alongside Zebra Power, the full list of casualties now includes Hub Energy, PfP Energy, MoneyPlus Energy, Utility Point, People’s Energy, Green, Avro Energy, Igloo Energy, Symbio Energy, ENSTROGA, Pure Planet, Colorado Energy, Daligas, GOTO Energy, Bluegreen Energy Services, Omni Energy, MA Energy, Ampoweruk and CNG Energy.
