Toto Energy Becomes Latest Energy Supplier to Cease Trading

Toto Energy has gone out of business, becoming the sixteenth energy supplier to go bust in the UK since the start of last year.

The small energy firm supplies gas and electricity to around 134,000 domestic households across the UK. However, any Toto Energy customers have been told not to worry, as the energy regulator Ofgem has been tasked with finding a new supplier to take them on. Energy supplies will continue as usual, and any outstanding credit balances will be honoured.

“Toto Energy customers do not need to worry, as under our safety net we’ll make sure your energy supplies are secure and customers’ credit balances are protected,” said Philippa Pickford, director for future retail markets at Ofgem.

“Ofgem will now choose a new supplier for you and 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 Energy Ombudsman said it received 730 complaints about Toto Energy this year alone. However, it says it now won’t be able to deal with any ongoing complaints against the supplier, and it won’t be able to address any new complaints either.

Toto Energy is the fourth largest supplier to go bust in the last couple of years, behind only Spark Energy, Economy Energy and GB Energy.

Small energy suppliers going out of business is becoming increasingly common in the UK, as increased competition along with the government’s energy price cap has affected profits.

However, Ofgem recently announced it will be introducing stricter financial checks on energy suppliers before they can reach a certain number of customers.

Fergus Cole

Fergus is a journalist specialising in the personal finance, energy and broadband sectors. He also has a passion for travel and adventure so tries to make the most of this in any spare time he gets.

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