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True, but that doesn’t help if you need to buy energy to cover a large chunk of 1.7m customers at market value now, and then sell it to them at anywhere between a 20-30% loss. Unless you have very very deep pockets and can take the hit for a year in order to claw back all the loss (and assuming the customers you being on don’t jump ship as soon as they can)
C4r1s-
I found this letter which I think says Ofgem are willing to pay out in April 2022 (which is the earliest they legally can) if you give them a rough figure of how many billion you think you might need.
https://www.ofgem.gov.uk/publications/letter-suppliers-supplier-last-resort-levy-claims
grams
The Suppliers Of Last Resort (i.e. the big companies) can claim back the net cost of taking on new customers, so don't stand to lose anything other than maybe short term cashflow.