Is this energy market’s domino effect?
Just a week after PfP Energy and MoneyPlus Energy went bust two more energy suppliers have gone under.
Utility Point and People’s Energy have today announced that they have ceased to trade.
The move is expected to affect nearly 220,000 domestic customers of Utility Point and more than 350,000 customers of People’s Energy.
Customers are advised not to switch to another supplier until Ofgem appoints the company that will take over.
In an announcement, 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.”
Utility Point added: “Members can download the full announcement below. Customers need not worry, their supplies are secure and domestic credit balances are protected.”
Neil Lawrence, Director of Retail at Ofgem, said: “Under our safety net, we will make your energy supplies continue. If you are a domestic customer with credit on your Utility Point or People’s Energy account this is protected and you will not lose the money that is owed to you.”