Energy supplier Economy Energy, which was recently banned from taking on new customers, has collapsed. The supply to its 235,000 domestic customers will continue, any credit they have will be protected, and a new supplier will take on their accounts. Regulator Ofgem said a new supplier would be appointed as soon as possible. On Friday, it had ordered the company to improve customer service. Economy Energy is the latest of a host of small suppliers to fold.
BBC 8th Jan 2019 read more »
Britain’s fastest growing energy supplier is on track to burn through its milestone private equity investment after plunging to a £24m loss last year. Bulb Energy said a boom in its customer numbers drove the business to an annual loss for the year ending last March which was ten times higher than its £1.9m loss the year before. The East London start up “unashamedly” wiped out its £12m gross profit in a bid to acquire new customers. It reached 220,000 accounts at the end of the most recent financial year. Bulb’s losses are expected to balloon in the current financial year after the company trebled its customer base to around 870,000 by the end of 2018. The growth threatens to eat through the £60m investment it raised from a pair of private equity backers less than six months ago.
Telegraph 8th Jan 2019 read more »