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Ofgem ‘prepares for four more blasts’ in energy market

Ofgem will reportedly announce soon that four more energy suppliers will cease to trade.

Sky News reported that the energy market regulator is already in talks with four energy firms to activate its Supplier of Last Resort mechanism.

Sources said that the announcement of some of those companies could be made even today.

According to Sky News, one of these firms is believed to be Pure Planet.

Last weekend it was reported that the bp-backed firm was ‘close to collapse’.

ELN has contacted Pure Planet and Ofgem for a response.

This year the UK has seen 12 energy suppliers go under causing disruption for more than two million customers.

In recent weeks, Avro Energy, Utility Point, Igloo Energy and People’s Energy were among the suppliers that went bust.

Last week, Ofgem Chief Executive Jonathan Brearley said that given the volatility of the market is likely that more suppliers will exit the market.

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