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PfP Energy and MoneyPlus Energy cease trading

Two energy suppliers servicing nearly more than 90,000 consumers - PfP Energy and MoneyPlus Energy - have announced they are ceasing to trade.

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Under its safety net, Ofgem said energy supply for the companies’ customers will continue and outstanding credit balances of domestic customers will be protected. They will also be contacted by their new supplier, which will be chosen by the regulator.


The pair are the latest of the more than 20 UK energy suppliers to have gone bust since August 2020. Financial pressure on smaller providers have seen many exit the market. Many more small providers are expected to face financial difficulties later this year following the passing of the deadline to hand over renewable subsidies.


Suppliers had until August 31 to pay the money collected from bills to renewable energy developers for their clean electricity. Those that fail to pay have until the end of October to meet the late payment deadline, plus charges, before regulatory action begins.


When it comes to PfP Energy and MoneyPlus, Ofgem have advised customers to not switch to another energy supplier until a new one has been appointed, and to take a meter reading ready for when the new supplier makes contact.


It says this will make the process of transferring consumers over to the chosen supplier, and paying back any outstanding credit balances, as “smooth possible”.


Commenting on the news, Ofgem’s director of retail Neil Lawrence said: “Although the news that a supplier going out of business can be unsettling, PfP Energy and MoneyPlus Energy customers do not need to worry.”

 

To find out how the energy market is preparing for the transition towards net zero, why not join us at the Collections and Vulnerability Summit - featuring the Collections, Debt Sale and Purchase Conference, sponsored by Lantern, and the Utilities and Telecoms Conference, sponsored by Just - on 24 November at The Midland in Manchester. To find more information about the event, click here.

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