Two more UK energy companies collapse

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Two more UK energy companies collapse
Two more UK energy companies collapse Image Pixabay

Two more UK energy companies collapse as the energy crisis worsens. Energy regulator OFGEM confirmed Neon Reef and Social Energy Supply are ceasing to trade.

Neon Reef supplies around 30,000 domestic electricity customers. Social Energy has around 5,500.

In total it means that more than 20 UK energy companies have closed in the space of fewer than 3 months. It comes as a rocket in gas prices puts pressure on the smaller companies

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OFGEM said “customers’ energy supply will continue and funds paid into their accounts will be protected”.

It added that “affected customers should wait until a new supplier has been appointed and contacted them before looking to switch suppliers”.

The watchdog said it is “working closely with Government and industry to make sure customers continue to be protected this winter”.


OFGEM’s priority

Neil Lawrence, director of retail at OFGEM, said “OFGEM’s number one priority is to protect customers. We know this is a worrying time for many people and news of yet more UK energy companies going out of business can be unsettling. I want to reassure affected customers that they do not need to worry – under our safety net we’ll make sure your energy supplies continue. OFGEM will choose a new supplier for you and while we are doing this our advice is to wait until we appoint a new supplier and do not switch in the meantime. You can rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your tariff”.


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