Home Inverness colorado Goto Energy becomes 13th supplier to exit struggling energy market

Goto Energy becomes 13th supplier to exit struggling energy market



Goto Energy has become the latest in an ever-growing list of energy suppliers to shut down since early September amid a massive surge in gas prices.

The company, which supplies around 22,000 households in the UK, ceased operations on Monday, regulator Ofgem said.

These customers will be protected by Ofgem’s safety net, which will ensure they are assigned a new supplier and not have their supply interrupted.

Around two million customers have seen their energy supplier go bankrupt in the past seven weeks.

(PA Graphics)

Just last week, Daligas, Pure Planet, and Colorado Energy all went out of business within 24 hours of each other.

Together, they have served over 250,000 clients.

Ofgem said separately on Monday that it had chosen Shell Energy to take over customers from the three suppliers.

This includes customers of Pure Planet, which was backed by Shell rival BP.

Shell will contact its new customers in the coming days.

The 13 failures since early September have come as global gas prices rise at an unprecedented rate.

This means that the suppliers had to pay much more than expected to buy gas to be pumped to households.

It took a toll on their finances.

On its website, Goto said, “Goto Energy is going out of business. Ofgem, the energy regulator, appoints a new supplier for its customers.

“Customers don’t have to worry, their supplies are secure and the funds domestic customers have deposited into their accounts will be protected if they are in credit.

“Ofgem’s advice is not to change suppliers, but to wait for them to appoint you a new supplier.

“This will help ensure that the process of moving customers to a new supplier and honoring domestic customer credit balances is as easy as possible for customers.”

Ofgem said customers should take meter readings so they are ready when their new supplier comes in contact.

Ofgem Retail Director Neil Lawrence said, “Ofgem’s number one priority is protecting customers.

“We know these are worrying times for many people and the news that a supplier is shutting down can be troubling.

“I want to reassure affected customers that they don’t have to worry: through our safety net, we will ensure that your energy supply continues.

“If you have credit in your account, the funds you put in are protected and you won’t lose the money you are owed.

“Ofgem will choose a new supplier for you and while we are doing this our advice is to wait to appoint a new supplier and not change in the meantime.

“You can rely on your energy supply normally.

“We will keep you posted when we have chosen a new supplier, who will then contact your tariff.

“Any customer wishing to pay their energy bill should contact their supplier to access the range of assistance available. “