Ofgem have just announced a supplier of last resort for Future Energy.
30 January 2018
Supplier of last resort for Future Energy - Green Energy calls for a stress test for new suppliers to protect consumers
Ofgem have just announced a supplier of last resort for Future Energy. This is the third small supplier to succumb to an energy market which is not working. The week before Future Energy ceased trading the Co-op were granted a fund of £14 million to meet the costs of absorbing GB Energy into their portfolio. Doug Stewart, Green Energy UK’s CEO has long been calling for a stress test for new energy company entrants that will protect the consumer for the long-term:
"How many more energy companies have to go bust using Ofgem’s recently introduced ‘safety net’ before there are some sensible stress testing of energy suppliers. Ultimately it is the consumer that pays when an energy company goes bust, although the energy companies pay the upfront costs of creating a fund these costs eventually get passed onto the consumer. We need to be looking carefully at the cause of these failures, before we have another Carillion on our hands.”