Four more smaller energy firms could go bust next week
Edinburgh-based People's Energy supplies gas and electricity to about 350,000 homes and 1,000 businesses, while Dorset-based Utility Point has 220,000 domestic customers.
While you wait to hear from your new supplier: check your current balance and - if possible - download any bills; take a photo of your meter reading Once you have been informed of your new supplier, make sure you're on the best tariff for you. You can switch if you're not happy with your new supplier or tariff without any penalties, but don't do this until the account has been moved over.Many smaller companies have not insured - or hedged - their exposure to rapidly rising prices and some of the ones that have are cashing in that insurance now to survive - leaving them vulnerable to further shocks.
Under normal circumstances there is a competitive auction process with the company offering the lowest energy price being rewarded with the additional customers. That is not the case in current market conditions. Business Secretary Kwasi Kwarteng is talking to suppliers and operators to hear how wide-reaching the impact of surging prices could be on companies and households.
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