Together Energy appoints administrators

The energy provider, which operated under the Together Energy and Bristol Energy brands and supplied energy to around 176,000 domestic customers, ceased trading in January 2022. Under regulator Ofgem’s supplier of last resort process, these customers were switched to British Gas. 

It’s one of a number of providers to have gone bust following the record wholesale gas prices in the UK, reaching as high as 450p per therm just before Christmas. This has led to back-to-back record increases in the energy price cap, first rising from £,138 to £1,277 for those on default tariffs at the start of October, with it increasing to £1,971 at the start of April this year. 

The joint administrators of Together Energy have said it will continue to work closely with British Gas to ensure customers transfer across to the new supplier smoothly. 

Kelly said: “The challenges facing the UK energy sector have been well-documented and Together Energy, like many other operators, was unable to navigate through difficulties caused by the significant increase in wholesale energy costs. 

“As joint administrators our initial focus is continuing to trade the companies to provide final accounts for customers and ensure a smooth transfer to British Gas. Customers are requested to provide their final meter reads to Together Energy as soon as possible to help this process.” 

Off the back of the current crisis, Ofgem has recently introduced two time-limited measures to help stabilise the energy market. All suppliers will have to offer existing customers the same deals available to new customers. 

This move is designed to ensure customers can benefit from all tariffs available in the market and enable more consumers to benefit when wholesale prices fall. 

Suppliers will also be required to pay a Market Stabilisation Charge to the losing supplier when acquiring a new customer, which will only be triggered if wholesale prices fall considerably below the level assumed in the price cap.