Teneo put on standby for emergency rescue role 

According to the outlet, energy company executives said Teneo had been drafted in to advise the regulator following the collapse of a raft of smaller energy companies over the past few weeks.

Administrators of three of these suppliers - Utility Point, PfP Energy and People Energy - have already been appointed, with Alvarez & Marsal taking on this role for all of these cases, leading to around 1.7 million households in the UK.

And, while the need for a special administrator has yet to materialise, the expectation is that if there’s a failure of a larger supplier it would require a special administrator to oversee it on a temporary basis. Under a regime established in 2017, the administrator would be obliged to consider the interests of consumers as well as creditors.

According to Sky News, a spokeswoman for Ofgem declined to comment specifically on Teneo’s work, but said: “Ofgem and government prepare for a wide range of scenarios and have long standing contingency plans in pace for any situation as needed. These processes include speaking to a range of organisations.”