Two energy suppliers stop trading as gas price soarson November 16, 2021 at 5:48 pm

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

Neon Reef and Social Energy Supply have become the latest domestic suppliers to cease trading.

A mother working from home while holding a toddler, with her family by her side

Image source, Getty Images

Two more energy suppliers with a combined total of 35,500 customers have ceased trading amid a backdrop of high wholesale gas prices.

Neon Reef and Social Energy Supply have stopped trading, according to the energy regulator Ofgem.

Neon is the larger of the two with 30,000 domestic customers.

It means that more than 20 suppliers have now ceased operations since August, affecting more than two million customers overall.

Those households have been moved to new suppliers, but generally on more expensive tariffs.

Ofgem said that customers of Neon and Social Energy Supply should take meter readings and wait for more information regarding their new supplier.

“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,” said Neil Lawrence, director of retail at Ofgem.

“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.”

Suppliers are under pressure from high wholesale gas prices, and also by their inability to pass on extra costs to customers protected by fixed tariffs, or the regulator’s price cap.

Wholesale gas prices in the UK surged by 17% on Tuesday after the German energy regulator suspended the approval process for a new Russian pipeline.

The pipeline which goes under the Baltic Sea is expected to double the amount of gas that Russia sells to Europe.

- Advertisement -




George Floyd: Biden ‘praying for right verdict’ in Chauvin trialon April 20, 2021 at 6:42 pm

The US president speaks out on the George Floyd case, as jurors consider a verdict for a second day.image copyrightEPAUS President Joe Biden has...

Leaders Man City extend winning run to eight with convincing success at Newcastleon December 19, 2021 at 4:11 pm

Reigning champions Manchester City claimed their eighth successive Premier League win as they swept aside struggling Newcastle.

Coronavirus: Germany tightens borders amid alarm over pandemicon March 26, 2021 at 4:42 pm

France is to be classed a "high-risk" area as Germans are warned of a possible 100,000 infections a day.image copyrightEPAGermany could see 100,000 infections...

Lisa Shaw: BBC Radio Newcastle presenter dies aged 44on May 23, 2021 at 9:00 am

The 44-year-old daytime presenter loved being on air and was "cherished by many", her family says.The 44-year-old daytime presenter loved being on air and...

Ukraine: Explosions and gunfire heard after Russia launches invasionon February 24, 2022 at 10:31 am

Russian forces launch a major military assault, with reports of missile strikes and explosions near major cities.