LONDON (Reuters) -Centrica's British Gas has been appointed to take on the customers of failed supplier Together Energy Retail Ltd, Centrica (LON:CNA) said on Monday.
More than 20 energy suppliers have collapsed since the beginning of September due to spiralling wholesale power and gas costs and because the regulator Ofgem's price cap prevented them from passing on rising costs to customers.
The addition of Together Energy Retail's 176,000 domestic customers means British Gas will have taken on around 700,000 customers from failed suppliers since the start of 2021, including Simplicity Energy, PfP Energy, MoneyPlus Energy, People’s Energy, Centrica said.
"Centrica is in a robust financial position, and as a responsible energy supplier built on a sustainable model we are well hedged for the winter and beyond," Centrica Chief Executive Chris O'Shea said in a statement.
In a separate statement, Britain's energy regulator Ofgem said any account credits of Together Energy Retail customers would be protected.