Economy Energy latest supplier to fail


Economy Energy has ceased trading.

The supplier, which had around 240,000 domestic accounts, is the latest casualty of the independent energy supply market and its closure was widely anticipated.

Ofgem will now appoint another supplier to take on its customers and ask other energy companies to pick up the tab for its levy liabilities.

Energy market experts have predicted that more companies will collapse do to risk mismanagement and inadequate finance.

Some have suggested the domestic market “could implode” due to spiralling levels of debt, with even a large, ‘big six’ supplier at risk of going bust.

Related stories:

Supplier debt crisis creating “house of cards”

Extra Energy goes bust

Spark Energy shuts down domestic supply business

Ofgem tightens supply licence rules as money goes missing

Big cracks emerging in energy retail

Risk mismanagement: More suppliers will go bust

Utility Warehouse: More independent suppliers will go pop

GB Energy goes belly up

Click here to see if you qualify for a free subscription to the print magazine, or to renew.

Follow us at @EnergystMedia. For regular bulletins, sign up for the free newsletter.


Please enter your comment!
Please enter your name here