Goto Energy ceases trading – CityAM : CityAM

Goto Energy has become the 16th energy supplier to cease trading this year.

The sector is struggling to cope with record high gas prices.

Soaring wholesale costs combined with the £1,277 price cap on the average energy customer has resulted in many energy firms facing urgent financial difficulties.

Ofgem will designate a new supplier to Goto Energy’s 22,000 customers.

This follows the energy regulator appointing Shell Energy as the new supplier for stranded 260,000 customers at Pure Planet, Shell and Daligas.

The three firms stopped trading earlier this week.