18 October 2021
British energy supplier GOTO Energy Ltd has ceased trading, regulator Ofgem said on Monday, becoming the 12th UK energy firm to go bust since the beginning of September as companies struggle with record wholesale energy prices.
GOTO Energy supplied gas and electricity to around 22,000 domestic customers.
13 October 2021
According to BBC News, Pure Planet and Colorado Energy have added to the list of collapsed small energy firms.
It is reported tonight that advisers of CNG Group are seeking offers for its commercial supply arm, which supplies more than 40,000 SME businesses. Bids are required by the end of the week.
This comes as the energy supplier prepares to withdraw from the gas wholesale market, highlighting the worsening impact the energy sector crisis is having on those within.
Sky News reported that sources said the group was working with legal and accounting advisers to prepare for an insolvency process, with an insolvency practitioner likely to be appointed next week.
See more from Sky News here.
12 October 2021
It has been reported that energy regulator, Ofgem are expecting another wave of collapses from suppliers, amid the crisis the industry is facing.
As shared by Sky News, it is understood that at least four suppliers were in talks with the regulator about entering its 'Supplier of Last Resort (SOLR)' system, which would result in adding to the amounts of households impacted by rapidly increasing wholsesale gas prices.
11 October 2021
As reported by Sky News, Pure Planet, which is partially owned by BP, is in talks with government regulator Ofgem to initiate the Supplier of Last Resort (SLR) process and transfer its 250,000 clients to other providers. Pure Planet was founded in 2017.
29 September 2021
Just a week later and three more energy suppliers have ceased trading; Igloo, Symbio Energy and ENSTROGA.
Customers of the collapsed suppliers have been reassured that a new supplier will protect them, in due course.
Sky News report on the issue.
22 September 2021
Not even 24 hours since the last news update and we have further to add!
Now, Green, alongside Avro Energy, have ceased trading and fallen victim to the energy sector crisis. Together, these energy suppliers, serve over 800,000 customers.
''Unprecedented market conditions and regulatory failings'' are to blame.
More casulaties are expected.
Whilst all this has been happening, is has been revealed that Igloo, a small player in the same sector, has called in advisers and stopped taking on new customers, hinting signs it could be next. See below for some of the latest news.
21 September 2021
Green, a small UK energy supplier, lines up advisers, Alvarez & Marsal, to oversee a potential insolvency. Administration could happen within days. This is the latest, but by all means, not the last, energy firm to struggle. Right now, there is an energy crisis being faced. Ministers rule out any help and action to assist companies on the brink of collapse.
The advisors are working with Green to arrange plans, using Ofgem’s (energy industry regulator) Supplier of Last Resort mechanism.
Around 200 people are employed with the firm. Unless state support is received, the CEO, Peter McGirr, warns that the company may fail within three months.
State support is unlikely. There are talks of support in some ways for larger energy companies, including extensions to state-backed loans, to subsidise the cost of taking on lossmaking customers from insolvent rivals.
Sky News reports more.