Martin Lewis warning to 410,000 homes as energy companies fold
Green Network Energy and Simplicity Energy collapsed this week, with thousands of people left without a supplier
Over 400,000 households have been left without an energy supplier
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Martin Lewis warns 410,000 households after two energy firms collapse
The Money Saving Expert founder issued the warning on his ITV Money Show
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Two energy suppliers, Green Network Energy and Simplicity Energy, yesterday
announced that they are ceasing to trade. Green Network Energy supplies gas and electricity to around 360,000 domestic customers as well as a smaller number of non-domestic customers. Simplicity Energy supplies gas and electricity to around 50,000 domestic customers.
Under Ofgem’s safety net, the energy supply of Green Network Energy’s and Simplicity Energy’s customers will continue and outstanding credit balances of domestic customers will be protected.
Customers of Green Network Energy and Simplicity Energy will be contacted by their new supplier, which will be chosen by Ofgem.
Ofgem’s advice to Green Network Energy’s and Simplicity Energy’s customers in the meantime is to:
Philippa Pickford, Ofgem s director of retail, said: Green Network Energy and Simplicity Energy customers do not need to worry, as under our safety net we ll make sure your energy supplies are secure and domestic customers credit balances are protected. Ofgem will now choose a new supplier for you and whilst 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.
Bad news for two energy firms which have collapsed, leaving 400,000 customers in the lurch TWO energy firms with a combined customer number of more than 400,000 have collapsed, Ofgem has announced. The energy regulator said that it would protect the customers of Green Network Energy and Simplicity Energy after the two businesses failed. Green Network Energy supplies around 360,000 domestic customers with gas and electricity, while Simplicity Energy has around 50,000 customers. They are the latest failures in a sector that has been squeezed in recent years. Customers will automatically be moved to a new supplier, chosen by Ofgem, and should not take any action at this time apart from taking a meter reading, the regulator said.