Commenting on the news that GB Energy Supply, which launched only last year, has ceased trading, Emma Bush, uSwitch.com energy expert, says: “GB Energy Supply is the first domestic energy supplier to go out of business in a decade, but rising wholesale prices this year are making for some tough market conditions for new, independent suppliers in particular.
“Many of them have recently increased bills – including GB Energy Supply, which hiked prices by almost a third only last month.
“While GB Energy Supply’s 160,000 customers will be concerned to hear today’s news, safeguards put in place by Ofgem mean there will be no interruption to their energy supply and any credit balances will be protected.
“We urge Ofgem to now ensure GB Energy Supply’s customers get a fair deal with a new provider as quickly as possible.
“If you’re a GB Energy Supply customer, take a meter reading and wait until your new supplier contacts you. At this point, you will be free to switch to a different provider.”
Customers looking for more advice can look at uSwitch.com’s guide online at https://www.uswitch.com/gas-electricity/guides/energy-supplier-out-of-business/