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UK Energy Firm Collapses as Customers Urged 'Do Not Panic'
Tomato Energy's collapse affects 23,700 UK customers with Ofgem ensuring no supply disruption and credit protection, as financial reserves were insufficient, regulators said.
- Today, Tomato Energy confirmed it had entered administration, affecting 15,300 household customers and 8,400 business customers in the United Kingdom.
- Ofgem found Tomato Energy lacked sufficient cash reserves, warned of bill risks, and banned it from new customers in April after £3 million debts, with a proposed £1.5 million fine last month.
- Ofgem is working quickly to appoint a new supplier and has told domestic customers not to switch, ensuring protections under the Supplier of Last Resort protocol.
- Domestic customers will stay covered by the energy price cap during the transfer, and are advised to take a meter reading before being contacted by their new supplier.
- In recent years, Ofgem has tightened resilience tests to bolster supplier stability; since the energy crisis, it strengthened rules to reduce consumer-funded bailouts, while Centrica chief Chris O'Shea and Ovo Energy warn of ongoing risks.
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Total News Sources13
Leaning Left1Leaning Right3Center7Last UpdatedBias Distribution64% Center
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- 64% of the sources are Center
64% Center
C 64%
R 27%
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