Two energy companies, PfP and Moneyplus who had nearly 94,000 customers between them, have cease trading as energy prices have reached record highs.

PfP has left 80,000 domestic customers, and 5,000 non-domestic customers without an energy supplier, and MoneyPlus has left about 9,000 domestic customers.

Industry regulator, Ofgem, will choose a new supplier for all the customers affected by the collapse in the coming days while households and businesses receive gas and electricity as normal.

The UK gas prices reached a record high of 136.68 pence per therm, according to commodity market experts at ICIS, whilst electricity market prices surged to levels not seen since 2008.

The UK’s fast-rising energy markets mean millions of UK households will face some of the steepest energy bills in the last 10 years this winter, and smaller energy suppliers will run the risk of going bust as they struggle to control costs.

The typical gas and electricity customer is likely to see their bill go up by £139 to £1,277 a year from October. Prepayment customers, meanwhile, will see an increase of £153, from £1,156 to £1,309.