Utility Point and People's Energy have announced they're ceasing trade. Utility Point supplies gas and electricity to around 220,000 customers, while People's Energy has around 350,000 domestic customers and around 1,000 non-domestic customers.
Any outstanding credit balances of domestic customers will be protected under Ofgem's safety net. Customers of Utility Point and People’s Energy will be contacted by their new supplier that will be chosen by Ofgem.
In the meantime, customers of People's Energy and Utility Point have been advised to not switch energy supplier until a new one has been confirmed, and to take a meter reading ready for when the new supplier contacts you.
Neil Lawrence, Director of Retail at Ofgem, said:
“Although the news that a supplier going out of business can be unsettling, Utility Point and People’s Energy customers do not need to worry. Under our safety net we’ll make sure your energy supplies continue. If you are a domestic customer with credit on your Utility Point or People’s Energy account this is protected and you will not lose the money that is owed to you."
“Ofgem will choose a new supplier for you and while we are doing this our advice is to wait until we appoint a new supplier and 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 new tariff.”