Ofgem appoints Yü Energy Retail to take on customers from two fallen firms
Yü Energy Retail (Yü) has taken on customers from fallen suppliers Whoop Energy and Xcel Power, following a competitive process run by market regulator Ofgem.
Both energy firms were collectively responsible for around 550 customers, including domestic consumers and businesses.
The handover took place yesterday, and customers from both fallen firms will be contacted about the changes by Ofgem over the coming days.
Funds that current and former domestic customers of the suppliers have paid into accounts will be protected.
Neil Lawrence, Ofgem’s director of retail, said: “I am pleased to announce we have appointed Yü for the customers of Whoop Energy and Xcel Power. We understand that this news may be unsettling for customers, however they do not need to worry. Their energy supply will continue as normal, and domestic customer credit balances will be honoured. “
So far, over two million customers have been moved from defunct firms to surviving suppliers amid the escalating market crisis, while Bulb has entered de-facto nationalisation, being propped up by billions of pounds in taxpayer money.
Ofgem has since hiked the consumer price cap by 54 per cent, with households now facing average annual energy bills of £2,000 per year.
Yü has been active during the current crisis, swallowing up 2,000 business customers and 600 domestic consumers from fallen firm Ampower UK last November.
It also recently provided investors with a bullish trading update, anticipating boosts in profits and revenues.
The group also reported record monthly bookings during the second half of 2021, following strong sales momentum earlier in the year.