In a statement, the company said that as a small supplier business had become untenable. It assured people that their supply would not be affected.
UK energy regulator Ofgem is taking steps towards appointing a new supplier to take over the 160,000 customers who were with GB Energy Supply.
The regulator said it will protect the interests of GB Energy’s customers including outstanding credit balances.
It advised consumers to take note of their meeting reading and wait until a new energy supplier contacts them and instructs them further about their credit balances.
Once contacted, customers can ask for the cheapest deals or shop around for a cheaper supplier and they will not be charged any extra fees.
Ofgem Consumers and Competition senior partner Rachel Fletcher said: “In any competitive market companies will fail, this is why we have procedures in place to ensure customers’ energy supplies are always secure.
“If you are a customer of GB Energy Supply there is no need to worry as we will ensure your energy supplies are safe. Ofgem are actively working with the industry to ensure your transition to a new supplier is as smooth as possible.
While this process is underway our advice is not to do anything as you can continue to rely on your energy supply as normal. We will work to appoint a new supplier as soon as possible and they will be in touch with you.”
Image: Ofgem ensures secure energy supplies for GB Energy Supply customers. Photo: Courtesy of Ofgem.
