23 October 2008
Small business energy provider Electricity 4 Business (E4B) has collapsed after administrators failed to find a buyer for the firm. The company, which was based in Milton Keynes and supplied energy for 40,000 business customers, was hit by soaring wholesale energy costs. Energy regulator Ofgem said E4B customers will be transferred to another supplier. Their tariffs may change but they will be free to switch to another company should they choose, it confirmed. Tim Wolfenden, Head of Business Services at uSwitch.com, said: "The onus is now on existing E4B customers to get the next best deal. We strongly advise them to shop around as it's possible that those moving to Ofgem's appointed supplier could be placed on less attractive rates." He said there are some competitive rates available in the business energy market and E4B customers should act quickly to take advantage of them. Wholesale energy costs have been cited by energy providers recently as being responsible for rising gas and electricity prices. Consumer groups have urged firms to cut their tariffs in relation to the falling price of oil.