People’s Energy and Utility Point cease trading – customers urged to sit tight
14th September 2021 | Residential Energy
Two more smaller energy companies – People’s Energy and Utility Point – have ceased trading as of today, confirming the crippling effect of soaring wholesale prices on the UK energy market. Last week, PFP Energy and MoneyPlus Energy also closed their doors.
Market commentators say rising costs will result in more casualties among energy firms this winter. You can find out here what happens if your energy supplier goes bust.
The market regulator, Ofgem, is advising the estimated 500,000 customers of People’s Energy and Utility Point not to take any action until it has appointed a new supplier. The affected households will not suffer any interruption to supply and any credit balances will remain in place.
Once the new supplier is appointed, customers will be free to switch to another provider if they so choose.
On its website, People’s Energy said: “We are saddened to inform you that People’s Energy is ceasing to trade. Please rest assured that your energy supply is secure and all domestic members’ account credit balances are protected. This includes any recent top-ups that were made as part of the seasonal weighting initiative.
“Ofgem, the energy regulator, will be appointing a new supplier for all our members. Their advice is not to switch, but to wait until they appoint a new supplier. This will reduce any risk of disruption in supply and facilitate the transfer of, and access to, domestic customers’ credit balances.”
Utility Point said: “It is with regret that we must announce that Utility Point is ceasing to trade. Customers need not worry, their supplies are secure and domestic credit balances are protected.
“Ofgem’s advice is not to switch, but to wait until they appoint a new supplier for you and also a to take a meter reading ready for when your new supplier contacts you. This will help make sure that the process of handing customers over to a new supplier, and honouring domestic customers’ credit balances, is as hassle free as possible for customers.”
More information available on the website below
https://www.forbes.com/uk/advisor/personal-finance/2021/09/16/energy-market-updates/