Future Energy, a company with around 10,000 domestic energy customers in the northeast and Yorkshire, largely in Newcastle, has ceased trading.
Rob Salter-Church, Ofgem’s interim senior partner for consumers and competition, said customers could be sure their energy supplies are secure and their credit balance is protected.
“Ofgem is working to choose a new supplier as quickly as possible for you. Whilst we’re doing this, our advice is to ‘sit tight’ and don’t switch. You can continue to rely on your energy supply as normal – in fact the only thing that will change is that you’ll get a new supplier,” he said.
Ofgem said that Future Energy customers should take meter readings today and wait until their new supplier contacts them and tells them what to do about any credit balances. When they are been contacted, customers should ask to be put on the cheapest deal or shop around for a cheaper supplier. They will not be charged exit fees for switching away from their new supplier.