One Select has announced it is closing, marking the ninth energy supplier to go out of business this year.
The company’s closure leaves 36,000 households affected – energy market regulator Ofgem has promised to choose a new supplier to take on its customers “as quickly as possible” and advised consumers to keep on using energy as normal.
Ofgem said it would step up regulation controlling new market entrants, requiring them to pass financial and customer service tests before they are awarded a licence to operate.
A spokesperson for One Select said: “One Select has ceased to trade. We apologise for any inconvenience this may cause. Customers need not worry, their supplies are secure and credit balances are protected.”
Philippa Pickford, Ofgem’s Interim Director of Future Retail Markets, said: “Our message to energy customers with One Select is there is no need to worry, as under our safety net we will make sure your energy supplies are secure and your credit balance is protected.”