Orbit and Entice become latest UK energy suppliers to go bust

orbit and entice become latest uk energy suppliers to go bust

Sumary of Orbit and Entice become latest UK energy suppliers to go bust:

  • Another two UK energy suppliers have gone bust after the collapse of Bulb Energy earlier this week, bringing the number of households affected by a supplier failure since August closer to the 4m mark.
  • The energy regulator confirmed that Orbit Energy, which supplied 65,000 households, had shut down alongside Entice Energy, which had 5,400 customers.
  • That brings the total number of suppliers that have failed to 24 in fewer than 12 weeks, as record energy market prices have taken their toll amid a global gas supply crunch.
  • Orbit blamed its collapse on the government’s energy price cap, which was designed to protect about 15 million customers on standard variable tariffs from unfair energy bills.
  • List of UK energy suppliers to have gone bust in 2021In a statement on its website, Orbit said it was “a well-run energy supplier” that had “always taken a prudent approach” to buying energy from the wholesale energy markets, so it could offer the “best price possible”.
  • “Sadly, the UK government and our regulator Ofgem expect us to sell energy at a price far lower than the cost to buy – which makes operating unsustainable,” it said.

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