Ofgem’s approach to licensing and monitoring increased the risk of supplier failures, a new report from the National Audit Office (NAO) has found.
British Gas has been appointed as Supplier of Last Resort (SoLR) for collapsed company Together Energy, taking on its 176,000 domestic customers and one non-domestic.
Together Energy has become the first supplier to collapse in 2022, as power prices remain high.
Government must take action to avoid ‘cost of living catastrophe’ as 6.3m households face fuel stress
The number of families experiencing fuel stress is set to triple overnight when the price cap is reset, reaching 6.3 million households.
The price cap could jump 46% for summer 2022, hitting approximately £1,865 as wholesale power prices remain high.
From January, energy suppliers will need to undergo financial stress testing to prove their resilience in light of the cascade of supplier collapses in recent months.
EDF has been appointed as Supplier of Last Resort (SoLR) for Zog Energy, the latest casualty of the energy crisis.
ScottishPower has been appointed as Supplier of Last Resort (SoLR) for Entice Energy and Orbit Energy’s combined 70,400 customers.
Shell Energy has been appointed by Ofgem to take on the customers of Goto Energy following the announcement of its closure earlier this week.