Uswitch comments on People’s Energy and Utility Point exiting the market

Justina Miltienyte, energy policy expert at Uswitch.com, said: “The news of People’s Energy and Utility Point ceasing to trade means seven energy suppliers have now gone under this year.

“The announcement reflects the difficult conditions that challenger brands are facing. Many operate on thin profit margins and they have been hit hard by the knock-on effects of rising wholesale prices.

“Ofgem will now choose designated suppliers for the 570,000 customers of both People’s Energy and Utility Point. However, those affected should wait until they know the details of the new provider before trying to switch.

“Customers should be reassured that their energy supply will continue as normal and any credit balances they built up with those suppliers will be protected.  

“Customers should also make a note of their meter readings now, and again when contacted by a new supplier, to ensure bills are accurate. 

“Once you know your supplier, and the tariff you have been offered, it is worth comparing prices to check if switching to another provider will offer better value for money. You will not be charged exit fees for moving to another supplier.”