Our Power has become the latest energy supplier to cease trading.
Ofgem said it will choose a new supplier to take on the energy company’s 38,000 domestic customers “as quickly as possible”.
It has become the 10th energy supplier to go bust in a year.
The energy supply of Our Power customers will continue and prepayment meters can be topped up as normal – customers are however, being advised not to switch to another supplier yet and take a meter reading ready for when the new supplier gets in touch.
This is to ensure the process of transferring customers to the chosen new supplier and paying back their outstanding credit balances are as smooth as possible.
Our Power said in a statement: “It is with great regret that Our Power Energy Supply Ltd has ceased to trade.
“Customers should not worry, their supplies are secure and credit balances are protected through the transfer to a new supplier. Prepayment customers should continue to top up and payments will be allocated to their meters as usual.”
Philippa Pickford, Ofgem’s Director for Future Retail Markets added: “We have seen a number of supplier failures over the last year and our safety net procedures are working as they should to protect customers.”