Uswitch comments on Pure Planet and Colorado Energy exiting the market

Richard Neudegg, head of regulation at Uswitch.com, said: “While this is not the news that anyone wanted to see, affected customers can be reassured that their energy supply will continue as normal and their credit balances will be protected. 

“These latest collapses mean that 14 suppliers have now crashed out of the market since the beginning of 2021, displacing almost 2.4 million customers. Out of this pool of failed suppliers, nearly two million customers have been displaced since September alone.

“Pure Planet's collapse has been blamed on its main financial backer, BP, which owns a 24% stake, choosing to cut off support for the business. 

“If you are affected by your supplier leaving the market, don’t do anything until you are moved to a new provider appointed by Ofgem, as trying to switch to a new supplier could create administrative delays in getting your credit balance returned.

“Once the move has been completed, the best advice for most people right now is still to hold tight. If you’re on a standard variable tariff it’s unlikely there will be a better value deal to switch to - given the current price cap protection over winter and the current unprecedented wholesale price situation.

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

Customers can find further advice on what to do if their energy supplier goes out of business here: https://www.uswitch.com/gas-electricity/guides/energy-supplier-out-of-business/