An Edinburgh-based ethical energy firm has gone bust, leaving thousands of customers in limbo.
Our Power Energy, established in 2016, was the first in the UK to operate on a non-profit distribution basis.
But it has now become the latest small energy supplier to go bust, with an estimated 70 jobs at risk.
Regulator Ofgem said the energy supply to the group’s 38,000 customers will not be affected and prepayment meters can be topped up as normal.
Outstanding credit balances of domestic customers will be protected and the watchdog will choose a new supplier to take on Our Power’s customer base “as quickly as possible”.
Philippa Pickford, Ofgem’s director for future retail markets, said: “Our message to energy customers with Our Power is there is no need to worry, as under our safety net we will make sure your energy supplies are secure and your credit balance is protected.
“Ofgem will now choose a new supplier for you, ensuring you get the best deal possible.
“Whilst we’re doing this, our advice is to ‘sit tight’ and don’t switch. 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 new tariff.”
The failure is the latest to blight the sector.
Our Power was owned by social housing providers, community organisations and local authorities, with tariffs available to everyone, regardless of how they pay.
The aim of the company was to eliminate the discrimination faced by the least well-off members of society, who can be charged as much as 25 per cent more for power than those with access to the cheapest deals.
Our Power joins long list of small providers that have gone bust recently, including Economy Energy, Spark Energy, Extra Energy, Future Energy, National Gas and Power, Iresa Energy, Gen4U, One Select and Usio Energy.
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