19 UK energy companies have closed so far this year, More to come?

04 Nov 19 UK energy companies have closed so far this year, More to come?

Wholesale gas prices have risen 250% since January 2021 and 70% in August alone, according to industry group Oil & Gas UK.The increases reportedly were due to depleted stocks following a cold winter in 2020, reduction in supply from Russia, and increased demand for liquefied natural gas from Asian markets.

Energy companies that have closed in 2021?
Omni Energy Limited (2 November)
MA Energy Limited (2 November)
Zebra Power Limited (2 November)
Ampoweruk Ltd (2 November)
Bluegreen Energy Services Limited (1 November)
GOTO Energy Limited (18 October)
Daligas Limited (14 October)
Pure Planet (13 October)
Colorado Energy (13 October)
Igloo Energy (29 September)
Symbio Energy (29 September)
Enstroga (29 September)
Avro Energy (22 September)
Green Supplier Limited (22 September)
Utility Point (14 September)
People’s Energy (14 September)
PFP Energy (7 September)
MoneyPlus Energy (7 September)
HUB Energy (9 August)

Under Ofgem’s safety net, customers’ energy supply will continue and funds that domestic customers have paid into their accounts will be protected, where they are in credit. Domestic customers will also be protected by the energy price cap when being switched to a new supplier.

Customers of these suppliers will be contacted by their new supplier, which will be chosen by Ofgem.

One company’s loss is another’s gain.

The companies that have taken over the customers of the liquidated companies as instructed by Ofgem are:

British Gas: 441,000 new customers
EDF Energy: 220,000 new customers
Eon Next: 233,000 new customers
Octopus Energy: 580,000 new customers
Shell Energy: 514,000 new customers.

The unprecedented and unexpected rise in gas and electricity prices has put energy markets under severe strain and British customers will be faced with higher energy bills for the foreseeable future starting this winter.