So Energy has confirmed it has called off the search for additional funding.

Two months ago, it was reported that the company was seeking more than £50 million in funding amid the energy crisis.

The new funding would aim at supporting the mid-sized utility that has been squeezed by the market turmoil.

Simon Oscroft, Co-Founder of So Energy, said: “Just over a month ago, we announced that we were exploring additional funding options to combat the uncertainties in what was an increasingly volatile market.

“Since then, we have seen future wholesale prices fall – allowing us to buy both gas and electricity at a much lower cost – and a new government step-up with continued support for customers through the Energy Price Guarantee by extending it for an additional 12 months.

“Because of the change in market circumstances and the continued support from our majority shareholder, ESB – who remains a committed and valued partner – we are happy to report that we are no longer exploring additional funding options.”