ENERGY CRISIS: 250,000 stranded as two more suppliers go bust

ENERGY CRISIS: 250,000 stranded as two more suppliers go bust

The collapse of Pure Planet and Colorado Energy, with a combined 250,000 UK customers, brings the total of crashes to 14 in the past six weeks.

Energy watchdog Ofgem will now trigger its Supplier of Last Resort mechanism which involves them helping 2.4 million households to switch to new providers.

Pure Planet, which has 235,000 UK customers, said it was unable to continue operating “due to the global energy crisis, record high wholesale energy costs, and the restrictions placed on us by Ofgem’s price cap”.

Richard Neudegg, of, said: “Pure Planet’s collapse has been blamed on its main financial backer, BP, which owns a 24 percent stake, choosing to cut off support for the business.”

The annual price cap is set to rise to £1,277 this month for a typical household, and British Gas and EDF Energy are among the suppliers set to charge the top rate.

The closures come after Igloo, Symbio and Enstroga ceased trading on September 29, affecting a combined 233,000 domestic customers.

They followed the failures of People’s Energy, Green Supplier Ltd, Utility Point, PfP Energy, MoneyPlus Energy, and Avro Energy, affecting almost 1.5m more householders.

Richard Neudegg, of, said: “These latest collapses mean 14 suppliers have crashed out of the market since the beginning of 2021, displacing almost 2.4m customers.”

Published at Thu, 14 Oct 2021 07:02:12 +0000