Three more energy suppliers fail
The sharp rise in wholesale gas prices has claimed three more victims after ENSTROGA, Igloo Energy and Symbio Energy announced they are ceasing to trade.
ENSTROGA supplies gas and electricity to around 6,000 domestic customers. Igloo Energy supplies gas and electricity to around 179,000 domestic customers. Symbio Energy supplies gas and electricity to around 48,000 domestic customers and a small number of non-domestic customers.
Together the suppliers represent less than 1% of domestic customers in the market.
Under Ofgem’s safety net, the energy supply of ENSTROGA, Igloo Energy and Symbio Energy customers 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 ENSTROGA, Igloo Energy and Symbio Energy will be contacted by their new supplier, which will be chosen by Ofgem.
In recent weeks there has been an unprecedented increase in global gas prices which is putting financial pressure on suppliers.
Ofgem said it is working closely with government and industry to make sure customers continue to be protected this winter.
Neil Lawrence, director of retail at Ofgem, said: “Ofgem’s number one priority is to protect customers. We know this is a worrying time for many people and news of a supplier going out of business can be unsettling.
“I want to reassure customers of ENSTROGA, Igloo Energy and Symbio Energy that they do not need to worry. Under our safety net we’ll make sure your energy supplies continue. If you have credit on your ENSTROGA, Igloo Energy or Symbio Energy account the funds you have paid in are protected and you will not lose the money that is owed to you.
“Ofgem will choose a new supplier for you and while we are doing this our advice is to wait until we appoint a new supplier and do not switch in the meantime. You can rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your tariff.
“Any customer worried about paying their energy bill should contact their supplier to access the range of support that is available.”
Meanwhile, Ofgem has appointed Octopus Energy to take on supplying Avro Energy’s approximately 580,000 domestic customers.
Outstanding credit balances, including money owed to both existing and former domestic customers of Avro Energy will also be honoured. Domestic customers will also be protected by the energy price cap with their new supplier.
For existing Avro Energy customers, energy supplies will continue as normal as they switched over to Octopus Energy on September 26.
Neil Lawrence added: “I am pleased to announce we have appointed Octopus Energy for the customers of Avro Energy. We understand that this news may be unsettling for customers, however they do not need to worry. Their energy supply will continue as normal, and customer credit balances will be honoured.
“Your energy supply will not be interrupted. Octopus Energy will be in contact with customers over the coming days with further information. Once the transfer has been completed, customers can shop around for a better deal if they wish to.”