(Bloomberg) -- Octopus Energy Ltd. will look after the customers of Avro Energy Inc., which has gone into administration, Octopus said on Sunday, citing its appointment by regulator Ofgem.
The company is “hoping to work with their administrators to make the process as seamless as possible,” Octopus said in the statement posted on its website.
Hundreds of thousands of households in Britain have been forced to switch energy suppliers following the collapse of their suppliers as surging energy prices force companies into administration. Avro and Green Supplier Ltd. stopped trading last week. Avro had 580,000 customers and Green had 255,000, accounting for 2.9% of households in Britain.
Why U.K. Gas Suppliers Are Going Bust, and Who Pays: QuickTake
“We understand that this news may be unsettling for customers, however they do not need to worry. Their energy supply will continue as normal, and customer credit balances will be honored,” Ofgem said in a separate statement.
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
