Pure Planet and Colorado Energy fall victim to gas price surge – CityAM : CityAM

UPDATE: BBC Newsnight has reported that CNG Energy will also cease trading after its parent company stopped supplying the firm with gas.

The UK’s energy crisis has claimed two more challenger companies as Pure Planet and Colorado Energy ceased trading tonight.

250,000 Brits are now ‘orphaned’ – without a provider – while the energy regulator designates stranded customers.

The historic surge in wholesale gas costs this year has driven up bills for providers and households to the point that 14 UK energy firms have collapsed in 2021.

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Pure Planet near collapse, as gas crisis claims another victim

BP-backed Pure Planet has 235,000 households on its books but has run into difficulty after the energy giant refused additional funding. Colorado Energy had just 15,000 customers.

Following the announcement, Ofgem tonight said that their customers would be allocated a new supplier in the coming days.

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.”

Sky News had revealed on Tuesday that up to four struggling suppliers were in talks with the regulator about entering its Supplier of Last Resort (SOLR) mechanism.

More to follow.