ENERGY CRISIS: 250,000 people are stuck after two more suppliers fail.
TWO MORE ENERGY SUPPLIERS LEFT THE MARKET LAST DAY DUE TO RISING WHOLESALE GAS PRICES.
With the collapse of Pure Planet and Colorado Energy, a total of 250,000 UK customers have been affected, bringing the total number of crashes in the last six weeks to 14.
Ofgem, the energy regulator, will now activate its Supplier of Last Resort mechanism, which will assist 2.4 million households in switching to new providers.
Pure Planet, which has 235,000 clients in the UK, stated it could no longer operate “due to the global energy crisis, record high wholesale energy costs, and the limits imposed on us by Ofgem’s price cap.”
“Pure Planet’s collapse has been blamed on its main financial supporter, BP, which owns a 24 percent ownership in the company, choosing to cut off funding for the business,” stated Richard Neudegg of Uswitch.com.
The yearly price cap for a typical home is due to climb to £1,277 this month, with British Gas and EDF Energy among the suppliers poised to charge the highest rate.
What’s going on in your neighborhood? You can find out by entering your postcode or going to the website. InYourArea The closures follow the September 29 shutdown of Igloo, Symbio, and Enstroga, which affected a total of 233,000 domestic consumers.
They came after the collapses of People’s Energy, Green Supplier Ltd, Utility Point, PfP Energy, MoneyPlus Energy, and Avro Energy, which affected over 1.5 million more people.
“These recent disasters imply 14 vendors have collapsed out of the market since the beginning of 2021, displacing nearly 2.4 million clients,” said Richard Neudegg of Uswitch.com.