CNG Energy collapses affecting 41,000 business customers

CNG Energy collapses affecting 41,000 business customers

11/03/2021

GAS and electricity firm CNG Energy has gone bust today, leaving around 41,000 business customers without a supplier.

The company announced today that it is ceasing to trade, making it the latest casualty of the ongoing energy crisis.

No domestic customers are affected by the firm's collapse but thousands of businesses could now be facing higher energy bills.

Regulator Ofgem said customers' energy supply will continue, and they will be contacted by a replacement firm within two weeks.

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 are a business owner and a customer of CNG you should take a meter reading today and wait to be contacted by a new supplier.

Once they've been in touch, you can ask to be put on their cheapest deal, but with energy prices at sky high levels it's likely to cost more.

Businesses are not protected by the energy price cap, which is in place to limit how much households have to pay.

In "exceptional circumstances", Ofgem might not be able to appoint a new supplier – for example if they can't find anyone to take on thousands of new customers.

If that happens, the regulator will appoint an administrator to continue to run your existing supplier.

Ofgem said: "In recent weeks there has been an unprecedented increase in global gas prices which is putting financial pressure on suppliers.

"Ofgem is working closely with government and industry to make sure customers continue to be protected this winter."

A total of 19 suppliers have collapsed since the beginning of September – and 21 in 2021 so far – as soaring wholesale gas prices have piled cost pressures on smaller firms.

Yesterday, three domestic suppliers Omni Energy, Ampoweruk and Zebra Powers ceased trading, along with business supplier MA Energy.

It comes just days after warnings that Bulb is at risk of going bust.

The firm is the sixth largest provider in the UK, with around 1.7 million customers.

Gillian Cooper, head of energy policy for Citizens Advice, said yesterday: “Suppliers continue to fall like dominoes.

"It’s customers who are paying the price, with uncertainty, inconvenience and ultimately higher bills."

Which energy companies have collapsed this year?

  • HUB Energy (August 9)
  • PFP Energy (September 7)
  • MoneyPlus Energy (September 7)
  • Utility Point (September 14)
  • People’s Energy (September 14)
  • Green (September 22)
  • Avro Energy (September 22)
  • Igloo Energy (September 29)
  • Symbio Energy (September 29)
  • Enstroga (September 29)
  • Pure Planet (October 13)
  • Colorado Energy (October 13)
  • Daligas (October 14)
  • GOTO Energy (October 18)
  • Bluegreen Energy Services (November 1)
  • Ampoweruk (November 2)
  • Zebra Power (November 2)
  • MA Energy (November 2)
  • Omni Energy (November 2)
  • CNG Energy (November 3)

 

We pay for your stories!

Do you have a story for The Sun Money team?

Email us at [email protected]

    Source: Read Full Article