Energy Firms Continue To Collapse
Energy companies in the UK are continuing to collapse as a result of increasing gas prices, affecting nearly 1.5 million people across the country.
Over the last couple of weeks, several energy providers have had to cease trading, including Green Supplier Limited, Avro Energy, People’s Energy, and Utility Point, among others.
According to Sky News, wholesale gas prices have soared by 455 per cent in the last year, with costs surging by as much as 250 per cent since January 2021.
By Monday September 20th, the cost of gas reached a record high of £183 per therm, while prices are normally around £40 to £60 per therm at this time of the year.
The subsequent collapse of several energy suppliers has led to millions of customers being switched to other providers. This means many could be paying for a more expensive tariff than the one they had originally signed up to.
This is particularly the case as providers cannot currently offer a competitive price, due to the ever-increasing cost of gas.
Customers of Green Supplier Limited have now been moved to Shell Energy; those who had signed up to Avro Energy will be on Octopus Energy tariffs; and British Gas will now handle those who had taken out plans with People’s Energy.
While this is unsettling for bill-payers, Ofgem’s director of retail Neil Lawrence said: “Their energy supply will continue as normal, and customer credit balances will be honoured.”
To help reduce your gas bills, consider getting a new boiler in North London that is more energy-efficient.
