To say the energy market has been tumultuous over the past few years would be something of an understatement. The landscape of energy suppliers still in operation has been completely changed, find out more within our Business Energy Comparison guide.
Which Energy Suppliers Have Gone Bust?
Which Energy Suppliers Have Gone Bust or Ceased Trading?
Many of the smaller, more recently established firms or those started to serve specialist niches have ceased to trade or have gone into liquidation because of the ongoing wholesale energy crisis.
It’s something that’s been seen right across the commercial and domestic supply markets too.
Why Are Energy Suppliers Going Bust or Ceasing to Trade?
Firstly, it’s important to establish the difference between going into liquidation (or going bust) and ceasing to trade.
When a supplier goes ‘bust’, it’s removed from the Companies House register, its assets are sold off to repay any creditors it might have outstanding debts with and it closes for good.
When a supplier ceases to trade, it can still remain as a limited company even if it isn’t currently trading – effectively remaining dormant.
For many suppliers, the reason they’ve had to cease trading or have gone bust is purely because of the rising prices on the wholesale market. By early 2022, the price of natural gas has risen by more than 300% compared to the same period in 2021.
Ofgem’s domestic price cap also stipulates that energy suppliers can’t charge more than the set amount for the energy they sell to customers. This has meant many companies have been faced with selling gas and electricity at an unsustainable loss – because the wholesale market prices are so high right now.
Additional suppliers face levies from the government, such as the Renewables Obligation. When suppliers can’t or don’t pay these levies, they face having to pay a fine – which can be quite substantial.
Which Energy Companies Have Gone Out of Business in the UK?
Since the beginning of 2021, a substantial number of UK suppliers have gone out of business – with many of these suppliers offering both domestic and commercial energy tariffs.
The highest profile of these casualties has been Bulb – which was ranked as the UK’s largest supplier of renewable energy, and also the country’s seventh-biggest supplier, with only the traditional ‘Big Six’ of British Gas, EDF Energy, E.ON, npower, Scottish Power and SSE bigger than it.
Our list below identifies which energy suppliers have gone bust or have ceased trading since the start of 2021 – most recent first.
– Whoop Energy (went bust: 18/02/2022)
– Xcel Power Ltd (went bust: 18/02/2022)
– Together Energy (went bust: 18/01/2022)
– Zog Energy (went bust: 01/12/2021)
– Orbit Energy (went bust: 25/11/2021)
– Entice Energy (went bust: 25/11/2021)
– Bulb Energy (went bust: 22/11/2021)
– Social Energy Supply (went bust: 16/11/2021)
– Neon Reef (went bust: 16/11/2021)
– CNG Energy (went bust: 04/11/2021)
– Zebra Power (went bust: 02/11/2021)
– Omni Energy Ltd (went bust: 02/11/2021)
– Ampoweruk Ltd (went bust: 02/11/2021)
– MA Energy (went bust: 02/11/2021)
– Bluegreen Energy (went bust: 02/11/2021)
– GOTO Energy 18/10/2021)
– Daligas (went bust: 14/10/2021)
– Pure Planet (went bust: 13/10/2021)
– Colorado Energy (went bust: 13/10/2021)
– Igloo Energy (went bust: 29/09/2021)
– Symbio Energy (went bust: 29/09/2021)
– ENSTROGA (went bust: 29/09/2021)
– Avro Energy (went bust: 22/09/2021)
– Green (went bust: 22/09/2021)
– Utility Point (went bust: 14/09/2021)
– People’s Energy (went bust: 14/09/2021)
– PFP Energy (went bust: 07/09/2021)
– Money Plus Energy Ltd (went bust: 07/09/2021)
– Hub Energy (went bust: 09/08/2021)
– Green Network Energy (went bust: 27/01/2021)
– Simplicity Energy (went bust: 27/01/2021)
What Happens If My Energy Supplier Goes Bust?
This can be incredibly worrying – especially as a business owner with day-to-day operations and concerns to focus on. However, if your business energy supplier does happen to go bust or cease trading, you are protected.
Ofgem has measures in place to protect customers (commercial and domestic) in the event of this happening. Your supply will continue uninterrupted, and you’ll be switched to another supplier very quickly – a Supplier of Last Resort (SoLR).
You won’t have any say over who that SoLR is. Ofgem’s advice to businesses while it reallocates customers from a failed supplier is to wait until the SoLR has been appointed. This will typically take up to 14 days.
During this time, you should take meter readings – note them down and take photographs. You should also keep old bills to hand – they’ll allow you to illustrate your bill payment history, as well as credit and debt balances to your SoLR.
Make a Comparison, Get a Quote and Switch!
When you get allocated to a SoLR, you’re not obliged to sign a contract with them. This gives you, as a business owner, the freedom to look for a better deal.
If you find yourself facing these circumstances, because your energy supplier has gone bust or ceased trading, Business Energy Comparison is a great place to start your journey to savings on your energy costs.
It’s incredibly easy and you could potentially save up to 45%.
Simply input your business name and location, along with some information about your current energy usage into our tool. We’ll search the market to bring you deals tailored to the requirements of your company.
Give it a go today – compare business gas and electricity prices with Business Energy Comparison!
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