CNG Energy: North Yorkshire firm collapses with loss of 150 jobs

Around 41,000 customers were suppled by CNG Energy based in Harrogate

A North Yorkshire energy company has collapsed with the loss of 150 jobs due to an increase in the price of gas.

Harrogate-based CNG Energy said it was closing due to "extremely high" wholesale energy prices.

The firm supplied about 41,000 business customers, who will now be switched to other suppliers by regulator Ofgem.

It is the 19th energy supplier to go out of business since the start of September.

In a statement, chief executive Paul Stanley said it was "tragic" that the firm was closing after 27 years of trading.

"The global energy crisis and extremely high wholesale energy costs have affected many suppliers already and unfortunately CNG is the next casualty," he said.

"We have tried and exhausted all options to remain in business."

Ofgem said that affected customers should wait until a new supplier has been appointed and made contact before they look to switch.

The watchdog said was working closely with government and industry to make sure customers continued to be protected this winter.

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."