Credit insurers called in by energy regulator over cover cuts
Energy watchdog Ofgem boss Alistair Buchanan has called in energy suppliers, large customers – the Major Energy Users Council (MEUC) - and credit insurers to a crisis meeting, the Telegraph reports.
Whitehall officials from Lord Mandelson's business department and Ed Miliband's energy department will attend.
The MEUC set up its own energy credit action group after cuts in credit insurance have led to suppliers demanding payment for energy six months in advance.
Credit insurance refused
One supplier claims almost 65% of its new applications have cover refused.
The Telegraph reports: The leaders in the business, Atradius, Euler Hermes and Coface, deny they are taking a tougher line on energy contracts compared with other sectors in the economy but point out that managing credit risks in the sector is particularly difficult because credit periods and other obligations stretch over a longer period.
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