Five small suppliers have now gone bust this year following the announcement that PfP Energy and MoneyPlus Energy are to cease trading.
It comes during a turbulent few years for small suppliers, with over 20 having ceased trading since 2018. In 2020 alone the likes of Yorkshire Energy, Tonik Energy, Effortless Energy and GnERGY shuttered, meanwhile this year Hub Energy, Green Network Energy and Simplicity Energy have gone under.
Many of these suppliers failed to meet their Renewable Obligations (RO) payments ahead of going bust, with 10 missing the late payment deadline in 2020.
This led to final orders being issued to three suppliers, with Ofgem fining Symbio Energy £100,000 to send a “strong message” about the importance of obligation payments. Symbio was then also hit with a provisional order to pay around £450,000 to the feed-in tariff scheme.
Ofgem is now to choose a supplier of last resort for customers of PfP Energy and MoneyPlus Energy.
PfP Energy supplies gas and electricity to around 80,000 domestic customers and 5,000 non-domestic customers, while MoneyPlus Energy supplies gas and electricity to around 9,000 domestic customers.
Most recently, E.ON Next Energy was appointed to take on Hub Energy’s customers, while British Gas Evolve was appointed to take on Simplicity’s and EDF to take on Green Network Energy’s.