Lights out as energy provider collapses
Energy provider, Social Energy is the latest to go bust.
The Brighouse-based business was founded in 2015 by green entrepreneurs Ryan Gill and Julian Wiley as a means to help home owners to lower their emissions.
In 2018 it partnered with technology specialists to create opportunities for solar batteries, co-creating and launching the first Duracell Energy Bank home solar battery. A year later it expanded into the gas market and supplied 5,500 homes.
However the business has now collapsed under the pressure of the rising energy market prices as the regulator warned that it would lose its licence if they failed to hand over cash collected from energy bills which is used to support renewable energy projects.
Social Energy is just one of over 19 suppliers in the UK that have gone bust as a result of the price rises in wholesale energy, including Leicestershire-based Avro, with industry experts expecting that only six of of the strong supplier may survive.
Regulator, Ofgem said: “Customers [Social Energy] will be contacted by their new supplier, which will be chosen by Ofgem”.
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 a supplier 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. If you have credit on your account the funds you have paid in are protected and you will not lose the money that is owed to you.
“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.
“Any customer concerned about paying their energy bill should contact their supplier to access the range of support that is available.”
