Posted on the 22nd September 2021
Many households are facing much higher winter energy bills due to a global surge in wholesale power and gas prices.
Wholesale prices for gas have risen 250% since January, putting pressure on suppliers – particularly smaller companies – who are unable to pass on the increases to their customers. So far, this has caused four energy firms to go under, including People’s Energy and Utility Point, and others are expected to follow in the coming months.
If your supplier does go bust, your gas and electricity supply will remain uninterrupted, however your supplier will be switched to one appointed by Ofgem. Your old tariff will end and the new supplier will put you on a new tariff.
The new tariff might be more expensive than the old one. However, any credit that you have is protected and will be transferred over to your new contract. Similarly, if you were in debt to your old supplier, you will still have to pay the money back.
It may take a few weeks to transfer you to a new supplier – find out what to do while you wait here: https://www.citizensadvice.org.uk/consumer/energy/energy-supply/problems-with-your-energy-supply/your-energy-supplier-has-gone-bust/
If you are struggling to pay your energy bills, there is more information and advice on the Citizens Advice website.
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