GB Energy Supply, which only months ago boasted the cheapest fixed-rate deal on the market, has ceased trading.
The low-cost energy supplier, which is believed to have had around 160,000 customers, moved to reassure customers that they will not be cut-off following the announcement.
That’s what happens in a competitive market:
GB Energy Supply, which is the first domestic energy supplier to go out of business in a decade, blamed the “swift and significant increases” in energy prices in recent months for halting operations.
Perhaps not quite so good for:
Rachel Fletcher Ofgem’s Senior Partner for Consumers and Competition said: “In any competitive market companies will fail, this is why we have procedures in place to ensure customers’ energy supplies are always secure.
The reverse also applies. That people are going bust is an indicator, although not a proof, that we’ve got a competitive market going on.