CNG Energy has become the latest UK energy supplier to collapse as soaring gas prices continue to strangle the industry.
The company, which supplies around 41,000 business customers, confirmed on Wednesday afternoon that it will cease to trade due to “extremely high” wholesale energy prices.
It means six energy suppliers have collapsed this week alone, with 19 failures since the start of September.
We’re very sad to say that CNG Energy Ltd is ceasing to trade. CNG customers supply won’t be interrupted and Ofgem is moving you to a new supplier soon. This will happen automatically.
— CNG (@CNGenergyUK) November 3, 2021
In a statement on social media, CNG Energy said: “We’re very sad to say that CNG Energy Ltd is ceasing to trade.
“CNG customers’ supply won’t be interrupted and Ofgem is moving you to a new supplier soon. This will happen automatically.
“The global energy crisis and extremely high wholesale energy costs have affected many suppliers already and unfortunately CNG is the next casualty.
“We have tried and exhausted all options to remain in business.”
Energy regulator Ofgem added that affected customers should wait until a new supplier has been appointed and contacted them before looking to switch suppliers.
The watchdog said it is working closely with Government and industry to make sure customers continue to be protected this winter.
Neil Lawrence, director of retail at Ofgem, said: “Ofgem’s number one priority is to protect customers.
“We know this is a worrying time for many people and news of a supplier going out of business can be unsettling.
“I want to reassure affected customers that they do not need to worry under our safety net we’ll make sure your energy supplies continue.
“Ofgem will choose a new supplier for you and while we are doing this our advice is to wait until we appoint a new supplier and do not switch in the meantime.
“You can rely on your energy supply as normal.”