Displaying items by tag: energy firms go bust

Avro Energy and Green Supplier collapsed on 22 September, and the sector's regulator warned ‘well above’ hundreds of thousands of customers will have to be moved to new suppliers whose tariff may be more expensive. Avro Energy has 580,000 customers, Green Supplier 250,000. Customers will still receive energy while a new supplier is appointed. They are the latest providers to go bust following a sharp rise in wholesale gas prices. Ofgem warned the price rise was ‘something not seen before’ and more firms would fold. A six-fold rise in wholesale gas prices since last year meant several domestic energy suppliers had hit financial trouble. The Joseph Rowntree Foundation charity warned that millions of low-income households will face a squeeze on their finances from October, when energy companies will be allowed to lift the maximum amount they charge for gas and electricity by as much as 12%. Also from next month, Universal Credit claimants will lose £20 a week.