Four more small energy firms could go bust next week (c. 20/09/21)

acc

Industry sources have told the BBC that four firms have asked larger players to bid to take over the supply to one million customers.

See https://www.bbc.co.uk/news/business-58610561

18/10/21
Goto Energy (22,000)

14/10/21
Daligas (9,000) > Shell Energy

13/10/21

Pure Planet (235,000) > Shell Energy

Colerado Energy (15,000) > Shell Energy

29/09/21

Enstroga (6,000) > E.ON Next
Igloo Energy Supply Ltd (179,000) > E.ON Next
Symbio Energy (48,000) > E.ON Next

22/09/21
Avro Energy (580,000) > Octopus Energy
Green Supplier Ltd (255,000) > Shell Energy

Recently departed
People's Energy (350,000) > British Gas
Utility Point (220,000) > EDF
PFP Energy (82,000) > British Gas
MoneyPlus Energy (9,000) > British Gas

rebeccak

Do we have any idea which these might be?  I'm with Ovo.

tacpot12

I think it unlikely that the regulator will reveal which companies are likely to go under in case this precipitates their failure. 

HonestJohn

tacpot12 said:

I think it unlikely that the regulator will reveal which companies are likely to go under in case this precipitates their failure. 

Precisely. Also why it would be pointless making predictions.
I am guessing my gas supplier is one and also my old electricity supplier who still owes me a few pounds.

spot1034

rebeccak said:

Do we have any idea which these might be?  I'm with Ovo.

I'm not sure Ovo would be classed as a small supplier - I think it's one of the few new entrants of the last decade which would now be classed as one of the major players - Octopus would be another. Those two are now more likely to be asked to take on customers of other failing suppilers. 

HonestJohn

spot1034 said:

rebeccak said:

Do we have any idea which these might be?  I'm with Ovo.

I'm not sure Ovo would be classed as a small supplier - I think it's one of the few new entrants of the last decade which would now be classed as one of the major players - Octopus would be another. Those two are now more likely to be asked to take on customers of other failing suppilers. 

One million accounts looking for a new owner. Might be too much anyone but the big 6.

Inigo_Montoya

Deleted_User said:

I'm currently trying to switch from Green (dual fuel) to Neon Reef and Daligas.

What do I win if all 3 go bust at the same time?

certainly possible unfortunately, maybe those three & symbio - at least a couple of other possibilities I can think of too

Currently switching away from Green to Neon Reef myself (for electric) so I hope they can survive till I get my £900+ balance back off them

Shedman

acc said:

Industry sources have told the BBC that four firms have asked larger players to bid to take over the supply to one million customers.

See https://www.bbc.co.uk/news/business-58610561

Four of many likely to go to the wall over the next few months I fear....

stewie_griffin

rebeccak said:

Do we have any idea which these might be?  I'm with Ovo.

Ovo are one of the big 5 suppliers as they took over SSE in January last year. They therefore have millions of customers between both their brands.

wakeupalarm

Ovo is the 3rd largest supplier now that have taken over SSE. I wouldn't expect them to go bust.

On the other hand the article says there were 70 suppliers at the start of the year and there might only be 10 that survive. So that would mean 85% of energy suppliers going bust by next year.

[Deleted User]

I am not sure that size necessarily matters. It is all about hedging and insurance, and cashflow. A number of the new entrants having made staggering losses in recent years as they have built up their customer numbers. If I recall Bulb was over £100M and even Octopus was over £30M (fortunately, it has investors with deep pockets).