Business energy supplier ceases to trade

Business energy supplier. CNG Energy has announced they are ceasing to trade after almost three decades supplying power to non-domestic customers. The company, which served around 41,000 businesses, is the sixth supplier to exit the market so far this week and the 22nd to enter the supplier of last resort process this year.

Under Ofgem’s safety net, customers’ energy supply will continue. Funds that domestic customers have paid into their accounts will be protected, where they are in credit, however this cannot be guaranteed for non-domestic customers. Domestic customers will also be protected by the energy price cap when being switched to a new supplier.

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. We will update you when we have chosen a new supplier, who will then get in touch about your tariff.”