LONDON (Reuters] – Britain’s energy markets are in absolute danger if it does not revise the cap on energy prices, said Keith Anderson of Scottish Power.

The high price of natural gas has spiked as the economies that were reopened after COVID-19 lockdowns have caused a surge in demand. Europe was also impacted by the low supply.

Anderson stated to the Financial Times that there is “a substantial risk” the market could shrink back to just five or six companies. Iberdrola owns the Scottish power (OTC).

Anderson said that he expects at most 20 additional suppliers to become bankrupt within the month. We are about to witness some financially sound, well-run businesses, which can not pass along the price of the product, go bankrupt.

Ofgem regulates the price caps that limit energy costs for approximately 11 million consumers who are subject to default tariffs from suppliers. The price cap is reviewed two times a year.

Anderson stated that Ofgem should and could change the cap before its April 2019 review so that suppliers can absorb increases in costs earlier.

Anderson warned that Anderson was afraid of being “sleepwalking into an absolutely terrible massacre” without government or regulatory intervention.