Just a few hours after the Ofgem announcement that Colorado Energy ceases to trade, the company’s General Manager explained how difficult it was for the supplier to reach this decision.
Samantha Miles said: “Heartbroken today to have to share the news that our company is entering into the Supplier of Last Resort (SoLR) process.
“To try and survive in an industry like ours at a time like this has become simply unsustainable and we can no longer compete.
“To find something that has not already been said by colleagues across the wider industry is also difficult. I am angry, sad and disappointed like many others.”
Ms Miles also said she feels proud of what they managed to build in their short time of being an energy supplier.
On 13th October, the company which has around 16,000 domestic customers entered into the SoLR mechanism along with bp-backed Pure Planet.
Following the announcement, the Co-Founders of Pure Planet explained the reasons behind the difficult decision to exit the market.
In recent weeks, many suppliers went out of business as a result of the soaring gas prices and analysts predict that there will be more to follow.