‘Unsustainable situation’: Bluegreen becomes 14th supplier to collapse amid energy crisis
Energy supplier Bluegreen has become the latest casualty amid the UK’s energy crisis, as it confirmed today that it will cease trading.
The country’s energy crisis, which has seen prices for gas and electricity hit record levels, has now pushed a total of 14 firms into administration in just two months.
Bluegreen, which serves 5,900 households, said that the crisis had left it in an “unsustainable situation” and had “regrettably” been forced to stop trading.
Industry regulator Ofgem has assured customers that their supply will continue, while they appoint a new supplier. Impacted customers have been advised to take meter readings today and wait until their new supplier contacts them.
Ofgem’s director of retail Neil Lawrence said: “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.”
It comes just days after reports that government ministers fear Bulb Energy is on the brink of collapse and could cease trading as early as this week.
They are now accelerating contingency plans in case the energy firm fails to find a rescue deal, according to Sky News. As Bulb has been working with US investment bank Lazard to search for funding over the past few months.