Goto Energy has announced it has ceased trading, making it the fifteenth supplier to go bust in 2021 and the tenth to cease trading since most suppliers stopped offering deals as a result of energy market volatility.
This means that 22,000 Goto Energy customers will now be transferred to a new supplier under Ofgem’s Supplier of Last Resort system. If you’re one of them, don’t worry - your energy supply won’t be cut off at any point, but you may want to review the deal you’ll be put onto with your new supplier. Find out more in our dedicated guide.
Justina Miltienyte, energy policy expert at Uswitch.com, said: “More than two million customers have been displaced since September alone, and Goto Energy’s 22,000 customers will join them in moving to a new supplier appointed by Ofgem.
“Customers should be reassured that their energy supply will not be affected, and credit balances will be protected.
“It is important that Goto Energy customers do not do anything until they are moved to a new supplier, as trying to switch providers could create administrative delays in getting your credit balance returned.
“Once a move has been completed, the best advice for most consumers is to still hold tight. If you’re on a standard variable tariff it’s unlikely there will be a better value deal to switch to due to the protection of the price cap and the current wholesale price situation.
“Goto Energy customers should make a note of their meter readings now, and again when contacted by their new supplier, to ensure their bills are accurate.”