Iberdrola's Scottish Power will leave the energy supply market

London, 23 Mar The Scottish Power company, owned by the Spanish giant Iberdrola, plans to gradually exit the UK's industrial and commercial energy (I&C) market, given the uncertainty facing the global energy sector, a spokesman for the energy sector told Efe on Wednesday company. “The energy market is facing unprecedented challenges and we have made the decision to exit the I&C market. There is no impact on existing business customers; we will continue to honor all contracts and no employee will be affected by this decision,” the source said. The spokesman clarified that this decision does not affect its 4.8 million customers nationwide but is limited to supplying companies, a “very small” part of their total business. Scottish Power is now talking to its business customers “individually” to inform them of the decision, but in any case it will comply with the contracts already acquired, he said. Energy providers have been struggled by rising oil and gas prices in the wholesale market; a rise caused by the surge in demand after the pandemic and now exacerbated by the war in Ukraine, which threatens gas supplies. In the UK, 29 energy companies, particularly those with many fixed-rate customers, have left the market or have gone bankrupt as a result of rising raw material prices. CHIEF jm/fp