bp-backed energy firm is ‘close to collapse’

Energy supplier Pure Planet is reportedly in talks with Ofgem to enter the Supplier of Last Resort process

Green energy supplier Pure Planet which is backed by bp is reportedly ‘close to collapse’ amid soaring energy prices.

Sky News reported yesterday the company is already in talks with Ofgem to enter the Supplier of Last Resort process.

The procedure was launched to ensure that when supplier failure occurs, customers’ energy supply is not disrupted.

The report claims industry sources understand an announcement about the firm’s future could be made even this week.

The Bath-based company was founded in 2015 and is reportedly serving 250,000 domestic customers.

bp owns 24% of a share in the company.

Soaring energy prices have already seen many suppliers going under and the regulator has warned that more are likely to follow.

An Ofgem spokesperson said: “Our number one priority is protecting customers. In the event a supplier fails, Ofgem has robust systems in place and our safety net ensures customers’ electricity and gas supply continue and protects their credit balances.”

ELN has contacted Pure Planet for a response.

bp declined to comment on the story.

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