Uswitch comments on Pure Planet and Colorado Energy exiting the market

Richard Neudegg, head of regulation at Uswitch.com, said: “While this is not the news that anyone wanted to see, affected customers can be reassured that their energy supply will continue as normal and their credit balances will be protected. 

“These latest collapses mean that 14 suppliers have now crashed out of the market since the beginning of 2021, displacing almost 2.4 million customers. Out of this pool of failed suppliers, nearly two million customers have been displaced since September alone.

“Pure Planet's collapse has been blamed on its main financial backer, BP, which owns a 24% stake, choosing to cut off support for the business. 

“If you are affected by your supplier leaving the market, don’t do anything until you are moved to a new provider appointed by Ofgem, as trying to switch to a new supplier could create administrative delays in getting your credit balance returned.

“Once the move has been completed, the best advice for most people right now is still to hold tight. If you’re on a standard variable tariff it’s unlikely there will be a better value deal to switch to - given the current price cap protection over winter and the current unprecedented wholesale price situation.

“Customers of failed suppliers should also note their meter readings now, and again when contacted by their new supplier, to ensure their bills are accurate.” 

Customers can find further advice on what to do if their energy supplier goes out of business here: https://www.uswitch.com/gas-electricity/guides/energy-supplier-out-of-business/

FOR MORE INFORMATION

Ross Stebbing

Phone: 07827 836 709

Email: ross.stebbing@rvu.co.uk

Twitter: @UswitchPR

About Uswitch 

Uswitch is one of the UK’s top comparison websites for home services switching, including broadband, mobiles, SIM Only and insurance. We’ve saved consumers over £2.5 billion off their bills since we launched in September 2000.

In 2022, Uswitch launched its free mobile app, Utrack, to help consumers manage their home energy costs. By connecting to their smart meter, users can track their energy usage hourly, get dynamic insights and calculate potential savings with handy tips. 

Uswitch is part of RVU, a global group of online brands with a mission to empower consumers to make more confident home services, insurance and financial decisions.