Updated 29th September 2021
If you’ve heard that your energy supplier has ceased trading it’s normal to be worried or concerned. In this blog we’ll talk you through what this means for you and what steps you need to take in the short term.
The following suppliers have recently ceased trading due to turbulent market conditions.
- PFP Energy
- People’s Energy
- MoneyPlus Energy Limited
- Utility Point
- Avro Energy
- Igloo Energy
- Symbio Energy
Why does this happen?
Businesses close all the time and energy suppliers are no exception. Energy suppliers can cease trading for a number of reasons, the most common explanation is that they are unable afford to purchase enough energy to provide to their customers.
Ongoing issues in the energy market mean many small suppliers are currently at risk of collapse.
What happens now?
If your energy supplier has ceased trading, you do not need to worry. Your energy supply is protected by Ofgem and you will not be cut off. Your credit balance will be protected and Ofgem will appoint a new supply to take over your account. This process is known as ‘Supplier of last resort’ or SOLR.
The new supplier will be in touch with details of your new account and tariff, they will require a meter reading from the date they took over the account so it’s a good idea to take one as soon as possible. You should contact them if you’ve not heard from them within a couple of weeks.
Do not switch your energy supplier in the meantime. You may have difficulty if you need emergency support or need to retrieve a credit balance. Wait until your new supplier has set up your account and confirmed your old suppliers final bill.
I’ve just heard my supplier has gone out of business, what do I do?
If you’ve just heard that your supplier has ceased trading read this blog carefully. As soon as possible you should do the following
- You should take meter readings as soon as possible, if you can take a date stamped photo although this isn’t essential.
- Keep any old bills you may have; these are helpful if you need to prove your account balance or payment history.
- Make a note of your account balance at the time you heard the supplier went out of business.
- Your direct debit will transfer to your new supplier however you can cancel it now if you want to and set it up with the new supplier later.
Frequently asked questions
Speak to Cosy Kingdom
Remember, Cosy Kingdom is here to help. If you have any additional questions or would like advice tailored to your own unique situation you should get in touch to speak to one of our energy advisors.
Our energy advisors can be contacted by: