Energy firm Rebel Energy, with around 80,000 customers, announced it is going bust as bills have risen £111.
Although these customers will now be left without a supplier, they won’t see any disruption to their energy supply as they are protected by Ofgem.
Customers can expect to be contacted by their new supplier in the next few days.
The director general for markets at Ofgem, Tim Jarvis, assured customers they had no need to panic.
Customers can expect to be contacted by their new supplier in the next few days.
PA
He said:”Rebel Energy customers do not need to worry, and I want to reassure them that they will not see any disruption to their energy supply, and any credit they may have on their accounts remains protected under Ofgem’s rules.”
“We are working quickly to appoint new suppliers for all impacted customers,” he added.
He went on to advise customers to not attempt to switch suppliers themselves, as a new supplier would be in touch soon.
The company’s bust comes as energy bills have risen for millions.
A new energy price cap came into force on April 1, which means the average dual fuel bill for those not on a fixed deal has risen from £1,738 a year to £1,849.
This is an increase of £9.25 a month, or £111 a year.
The energy price cap is set by Ofgem every three months.
More to follow…