Clydebank firm Together Energy Retail ceases trading

Scotland-based Together Energy Retail has become the latest energy supplier to cease trading.

The Clydebank company, along with subsidiary Bristol Energy, supplies about 176,000 domestic customers and one non-domestic customer.

It is understood the supplier has about 300 staff.

Together Energy said the sustained increase in wholesale prices had made it "untenable" for the business to continue.

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In a statement on its website, the firm said: "We regret to inform you that the company will cease trading with immediate effect.

"We want to thank you sincerely for your custom over the past five years."

It added: "Despite press reports, we did buy enough gas and electricity for your needs, but the sustained increase in wholesale prices and the securities required to continue to forward purchase the energy, have meant that it is untenable for us to continue."

The company was part-owned by Warrington Borough Council.

'No need to worry'

Ofgem director of retail Neil Lawrence said: "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."

Since wholesale gas prices started to spike, more than 20 retail energy suppliers have collapsed in the UK, including Edinburgh-based People's Energy.

It supplied gas and electricity to about 350,000 homes and 1,000 businesses..

Many energy suppliers have been hit not only by high wholesale prices, but also by their inability to pass on extra costs to customers protected by fixed tariffs, or the regulator's price cap.