Northampton-based company confident of riding out storm in energy supply industry
Opus Energy employs up to 800 people at HQ near Bedford Road
Northampton-based gas and electricity supplier Opus Energy says it is confident of surviving the current crisis in the industry.
The firm employs between 700 and 800 staff at its head office in The Lakes, just off the Bedford Road.
Six domestic power companies have already collapsed this month and more are expected to follow.
But Opus — which concentates on supplying gas and electricity to businesses — says it has a strong balance sheet and better prepared to ride out the storm.
A spokesman for Opus' parent company Drax energy group said: “The UK energy market has been impacted by an unprecedented combination of events.
"Drax is the largest renewable electricity generator in the UK. We have a strong balance sheet, and have hedged our supply businesses appropriately, which together, should give confidence to our customers and employees.”
Opus Energy has grown into one of the UK's leading business energy suppliers since it was established in 2002 and now supplies more than 360,000 business premises across the country.
It moved to the former Northamptonshire County Council building, John Dryden House, on The Lakes business park in 2018 after outgrowing its old premises at Moulton Park.
A perfect storm of issues coupled with high global demand have sparked an explosion in gas prices in recent weeks, forcing some smaller suppliers in the residential market out of business.
Wholesale prices have increased by 250 per cent since the beginning of the year and by 70 per cent since August.
Delays in planned maintenance work on electricity plants has meant around 20 per cent of the UK’s nuclear power stations are offline.
Dips in energy from solar and wind sources due to recent weather has also caused an imbalance between supply and demand.
Experts warn gas prices are likely to remain high until 2023 and industry sources fear there may be as few as ten suppliers left by the end of the year.