Energy firms collapse in UK amid global gas shortages
Two energy suppliers, Utility Point and People’s Energy, have announced today that they are ceasing to trade. Utility Point supplies gas and electricity to around 220,000 domestic customers. People’s Energy supplies gas and electricity to around 350,000 domestic customers and around 1,000 non-domestic customers.
Under Ofgem’s safety net, the energy supply of Utility Point and People’s Energy customers will continue and outstanding credit balances of domestic customers will be protected.
Customers of Utility Point and People’s Energy will be contacted by their new supplier, which will be chosen by Ofgem.
Ofgem’s advice to Utility Point and People’s Energy customers in the meantime is to:
Not switch to another energy supplier until a new one has been appointed and you have been contacted by them in the following weeks.
Take a meter reading ready for when your new supplier contacts you.
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Over the last month, the price of natural gas has increased by more than 35%.