Customers are left in the dark after the failures of Utility Point and People’s Energy.
Energy suppliers Utility Point and Individuals’s Energy have suspended operations, affecting almost half a million people in the UK.
Households have been told not to transfer to another provider until additional information is available, according to the Mirror.
Ofgem, the energy regulator, will choose which company to transfer thousands of consumers to.
Buses are being impacted by a “perfect storm,” with routes around Liverpool being canceled.
Utility Point has approximately 220,000 customers, whereas People’s Energy has over 350,000 customers.
The total number of people impacted by today’s announcements now stands at 570,000.
“It is with regret that we must notify that Utility Point is ceasing to trade,” reads a note on the Utility Point website.
“Customers should not be concerned; their supplies are safe, and their domestic credit balances are safe.“
“We are saddened to inform you that People’s Energy is stopping to trade,” People’s Energy announced.
“For our residential clients, please rest assured that your energy supply is secure, and any account credit balances are protected. Any recent top-ups made as part of the seasonal weighting scheme are included.”
It comes after PFP Energy and MoneyPlus Energy both went out of business last week, leaving roughly 90,000 energy consumers in the dark.
In January of this year, Green Network Energy and Simplicity Energy both went out of business, affecting 400,000 people.
If you’re a Utility Point or People’s Energy client, Ofgem’s current recommendation is to wait until your new supplier approaches you.
You should wait until you know which firm you’ve been transferred to before considering moving.
Meanwhile, it’s been suggested that you take a meter reading in preparation for when your new supplier calls you.
It’s critical to compare costs as soon as you know which deal you’ve been assigned to, as you may not have been assigned to the cheapest provider.
You won’t be charged any exit costs if you leave your new supplier.
The good news is that your electricity supply will not be interrupted until Ofgem decides which energy company to transfer you to.
Any credit balances, according to Ofgem, will be protected, so you won’t be out of pocket.
If Utility Point or People’s owe you money, “Summary ends.”