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Another one bites the dust: Zog Energy folds

zog

The supplier has become the latest victim of the energy crisis as high wholesale costs continue to wreak havoc on the industry. 

The Ipswich based gas and electricity provider - which serviced around 11,7000 customers - announced that they had ceased trading on Tuesday. A statement on their website read:

“Zog Energy Ltd is ceasing to trade. Ofgem, the energy regulator, is appointing a new supplier for its customers.”

“Customers need not worry, their supplies are secure and funds that domestic customers have paid into their accounts will be protected if they are in credit.”

When a provider goes under, Ofgem, the energy regulator for the UK, rapidly allocates their customers to a new company. The system is known as the supplier of the last resort and ensures that no one is left without power.

So far the only exception to this has been the collapse of Bulb. They were the largest energy provider to fold so far by some measure, servicing 1.5 million households in the UK. This meant it was not feasible for their customers to be transferred and therefore the company was placed into ‘special administration’. They are currently being operated by global consulting firm Teneo.

Zog is the 25th energy supplier to cease trading over the past three months. Unfortunately, the trend is showing no signs of stopping. Some analysts have warned that the market could be reduced to less than 10 companies come spring next year.

Michael Quinn
Michael Quinn

Michael is a dedicated author helping usave to write guides, blogs and news for the last four years. When not writing articles, you can usually find him at wine tasting events or having a political debate on the night tube.

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