Energy supplier’s broadside for Business Secretary after entering administration
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A North West energy supplier has gone into administration, firing a broadside at Business Secretary Kwasi Kwarteng in the process.
PFP Energy, based in Preston, has ceased trading, another victim of the sharp rise in wholesale gas prices affecting the UK market.
It announced the news on its website, and issued a stinging rebuke of the Government’s handling of the energy crisis, aimed in particular at the Business Secretary, and urging consumers to sign a petition to ensure future stability for the sector.
The statement says: “We do not have confidence in the Business Secretary, Kwasi Kwarteng, to act in a way which will foster a fair environment for competitive energy rates and keep people employed in the industry.
“We all need energy to power our homes and having a market with a range of competitors has allowed everyone to access fairer prices.
“It’s too late for us but by signing this petition you can help to raise these issues and ensure the sector stays competitive.”
The firm reassured customers that the energy regulator, Ofgem, has appointed British Gas to take on their supply contract.
It said: “Ofgem state ‘Under our safety net we’ll make sure your energy supplies continue. If you are a domestic customer with credit on your PFP account this is protected and you will not lose the money that is owed to you’.”
It said Ofgem’s advice to customers is to not switch to another energy supplier until British Gas have been in contact with the new tariff prices.
PFP advises customers to take a meter reading and submit it to the firm, adding that all residential customers are still able to access the My Account portal to view their bills or make payments.
Paul Berkovi, Paul Flint and Rob Croxen of Alvarez & Marsal Europe have been appointed as joint administrators to PFP Energy Limited and PFP Energy Supplies Limited which supplied gas and electricity to around 66,000 domestic and 25,000 non-domestic customers.
PFP employed around 50 people and administrators said it is likely a “proportion” will be retained in the short term.
Paul Flint said: “The UK’s energy retail sector is facing well-publicised issues.
“PFP has unfortunately been unable to avoid the challenges it and other suppliers have faced and, against this backdrop, the company has taken thedifficult decision to appoint administrators.
“The focus for the administrators in the coming days will be in supporting employees and working with British Gas on a smooth transition for customers.”