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UK's Ofgem appoints Octopus Energy to take on collapsed Avro Energy's customers

Stock MarketsSep 26, 2021 14:46
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(Reuters) - Britain's energy regulator Ofgem said on Sunday it had ordered Octopus Energy to supply power to about 580,000 domestic customers of Avro Energy, which ceased trading as of last week.

Ofgem also said that outstanding credit balances, including money owed to both existing and former Avro Energy customers will be honoured.

Domestic customers will also be protected by the energy price cap with Octopus Energy and energy supply will continue as normal, Ofgem added.

In a statement https://octopus.energy/press posted to its website, Octopus Energy said it is hoping to work with Avro's administrators "to make the process as seamless as possible"

Octopus also reassured customers that their energy supply will be maintained and money is safe.

Avro Energy, along with Green Supplier Limited, stopped trading last week, leaving more than 800,000 customers potentially facing higher bills, after a jump in natural gas prices pushed the sector to the brink.

UK's Ofgem appoints Octopus Energy to take on collapsed Avro Energy's customers
 

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