UK supplier Co-operative Energy is to supply power and gas to all 160,000 customers of GB Energy.

It follows GB Energy‘s announcement to cease trading.

According to energy regulator Ofgem, the decision follows a “competitive process we’ve run to get the best deal possible” for customers.

Co-operative Energy said it will offer GB Energy Supply’s customers the same price as they were paying before, both for customers on fixed deals and on standard variable tariffs.

It will contact all customers in the coming days to give them information on their credit balance and tariffs.

Ofgem has advised customers not to switch immediately and wait until Co-operative Energy has got in touch with them.

Ben Reid, Chief Executive of The Midcounties Co-operative, which owns Co-operative Energy said: “We have worked very hard over the last few days with Ofgem to structure an agreement that provides continuity for GB Energy Supply’s customers, employees and the company’s customer service and billing contractors.

“As the only member-owned energy supplier in the UK, we put customers’ interests first and are pleased to be able to offer GB Energy Supply’s customers this same commitment.”

In October, Co-operative Energy agreed to pay £1.8 million to its customers for failing on service.