Peoples Energy and Utility Point go to the wall – The Times

Two energy suppliers have collapsed, leaving more than half a million households in limbo as wholesale energy costs surge to record highs.

People’s Energy, which has 350,000 household customers and 1,000 business customers, and Utility Point, with 220,000 household customers, both stopped trading yesterday.

Ofgem, the energy regulator, will now appoint new suppliers to take on customers of both companies.

Their failures mean that five suppliers have collapsed since the start of last month as wholesale gas and electricity costs have surged to record highs. In all, twenty-nine suppliers have collapsed over the past five years, many after offering unsustainably low prices.

Industry insiders believe that more failures are likely to follow soon. Last night Ofgem threatened to shut down Avro Energy, which has more

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