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Two more energy suppliers have gone bust, leaving 500,000 customers needing a new provider, amid record prices for electricity and gas.
Both Utility Point and People’s Energy have ceased trading, Ofgem has announced, the sixth and seventh energy companies to do so this year.
Bournemouth-based Utility Point provided power to 220,000 customers, while London’s People’s Energy had 350,000 customers.
The energy watchdog will now appoint a new supplier to take on the households after the market failures.
Last week PfP Energy and Moneyplus Energy both confirmed they were also ceasing to trade, leaving another 100,000 customers needing a new supplier.
The spate of failures comes amid a record spike in energy prices due to a combination of low wind power and global gas shortages.
The price hikes are expected to lead to household energy bills increasing until 2022, which could see yet more suppliers go out of business.
Neil Lawrence, director of retail at Ofgem, said: “Although the news that a supplier going out of business can be unsettling, Utility Point and People’s Energy customers do not need to worry. Under our safety net we’ll make sure your energy supplies continue.
“If you are a domestic customer with credit on your Utility Point or People’s Energy account this is protected and you will not lose the money that is owed to you.”
By City AM
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