The energy regulator has now started taking steps to appoint a new energy supplier for the 160,000 people who were customers of GB Energy Supply which has now confirmed it has ceased trading.

On 28th November Ofgem released a statement assuring customers that the correct procedures were in place to protect their energy supply as well as any outstanding credit balances. Although the company was primarily a domestic supplier they did have some small business customers as well.

Senior partner for consumers at Ofgem Rachel Fletcher said: “In any competitive market companies will fail, this is why we have procedures in place to ensure customers’ energy supplies are always secure […].”

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