UK's Shell Energy to take on customers of three failed suppliers
Reuters
Published Oct 18, 2021 20:07
Updated Oct 19, 2021 11:27
LONDON (Reuters) - Britain's energy market regulator Ofgem said on Monday it has appointed Royal Dutch Shell (LON:RDSa)'s power retail business Shell Energy to take on customers of Pure Planet Limited, Daligas Limited and Colorado Energy Limited.
The three firms had a combined total of around 252,000 domestic and 600 non-domestic customers. They ceased trading last week.
Last month, Shell Energy took on 255,000 customers from another failed supplier, Green Supplier. That means that in total, Shell Energy will add 50% of its current customer base of around 1 million.
Many British energy suppliers have struggled with soaring wholesale gas and electricity prices while the amount they are able to charge customers is limited by Ofgem's price cap.
Earlier on Monday, British energy supplier GOTO Energy Ltd ceased trading, becoming the 12th UK energy firm to fail since the beginning of September.
Ofgem said that, for existing Pure Planet, Daligas and Colorado Energy customers, energy supplies would continue as normal after they were switched over to Shell on Oct. 17.
"Your energy supply will not be interrupted. Shell will be in contact with customers over the coming days with further information. Once the transfer has been completed, customers can shop around for a better deal if they wish to," said Neil Lawrence, Ofgem's director of retail.
Britain's energy minister Kwasi Kwarteng said this month that more companies could collapse but ruled out providing support for struggling energy firms.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.