Just days after Ofgem banned Economy Energy from taking on new customers, the energy supplier has today collapsed.
With this development, the Coventry-based company has become the ninth energy company to go bust in the last 12 months.
The supply to its 235,000 domestic customers will continue, any credit they have will be protected, and a new supplier will take on their accounts.
“We have seen a number of supplier failures over the last year and our safety net procedures are working as they should to protect customers,” said Philippa Pickford, Ofgem’s director for future retail markets.
PRESS RELEASE: Ofgem ban on Economy Energy over poor customer service
— ofgem (@ofgem) January 4, 2019