Supply not affected.
The news that GB Energy Supply has gone out of business shouldn’t worry the company’s customers.
The energy regulator Ofgem is finding a new supplier who will contact them in due course. Customers should take a reading of their gas and electricity meters for the new supplier.
Citizens Advice is working with Ofgem to make sure people can get the help they need.
The company closed because it was committed to long-term contracts but sourced its supply on short-term markets. Analysts are naturally questioning the sustainability of this arrangement.
The closure should make Ofgem and the government think more about relying on competition alone to protect customers from excessive charges.
Is it really enough to keep pressing customers to switch? When wholesale prices are rising and other suppliers may be as vulnerable as GB Energy?
Isn’t it time to make suppliers transfer customers who haven’t switched for a set period to a low ‘default’ tariff?