Goto Energy becomes 13th supplier to go bust as gas prices spiral

18 October 2021, 17:47 | Updated: 18 October 2021, 20:23

Goto Energy has collapsed.
Goto Energy has collapsed. Picture: Alamy

By Sophie Barnett

Goto Energy has become the latest in an ever-growing list of energy suppliers to go out of business amid a massive spike in gas prices.

The company, which supplies around 22,000 households in the UK, ceased to trade on Monday, regulator Ofgem announced.

These customers will be protected by Ofgem's safety net, which will ensure they are assigned a new supplier and will not have their supply interrupted.

Around two million customers have seen their energy supplier go bust in the last seven weeks.

Only last week Daligas, Pure Planet and Colorado Energy all ceased trading within 24 hours of each other.

Read more: Gas price crisis: PM 'to spend hundreds of millions saving thousands of jobs' in bailout

Between them they served more than 250,000 customers.

On its website Goto said: "Goto Energy 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.

"Ofgem's advice is not to switch, but to wait until they appoint a new supplier for you.

"This will help make sure that the process of handing customers over to a new supplier, and honouring domestic customers' credit balances, is as hassle free as possible for customers."

Ofgem said that customers should take a meter reading so they are ready when their new supplier gets in touch.

Separately on Monday, Ofgem said that it had chosen Shell Energy to take over customers from the three suppliers.

This includes the customers from Pure Planet, which was backed by Shell's rival BP.

Shell will contact its new customers in the coming days.

The 13 failures since the start of September have come as global gas prices rocket at unprecedented rates.

It means that suppliers have had to pay much more than expected to buy gas to pump to households.

This has squeezed their finances.

More Latest News

See more More Latest News

Proud Boys claim they will go to voting places as Trump repeats election fraud lies.

Proud Boys making plans to mobilise as Trump repeats election fraud lies

File photo of a real NHS dentist

Desperate Brits fall for scam 'fake NHS dentists' amid years-long waits for appointments

The Kremlin is suspected of plotting the attack

'Parcel bombs' that blew up in warehouse were 'rehearsal' for Russian explosion attack on flight to US

Keir Starmer is not set to ban smoking in pub gardens, contrary to earlier reports

Cigarettes will not be banned in pub gardens under new Labour plan create 'smoke-free generation'

Former President Donald Trump speaks at a campaign rally in Reading, Pennsylvania

Trump threatens Mexico with 100% tariffs unless it cracks down on border crossings

Bridget Phillipson told Tonight with Andrew Marr that the fee hike was necessary to secure the future of universities.

‘Universities must reform’ says education secretary after first hike in tuition fees in 8 years

Two more cases of a new strain of mpox have been detected in the UK, officials say

Two more cases of new mpox strain detected in UK

Anya Taylor-Joy and her musician husband were the victims of a terrifying robbery

Anya Taylor-Joy and musician husband victims of burglary at London mansion

Exclusive
Nigel Farage speaking to LBC's Nick Ferrari about new Tory leader Kemi Badenoch

'The Remainers are back in town': Nigel Farage says Kemi Badenoch will bring 'no change whatsoever' to Tories

Amy Dowden

Strictly Come Dancing star Amy Dowden will not return to show this year following 'medical emergency'

Scott Paterson murdered his landlady Annette Smith

Tenant murdered and dismembered elderly landlady before posing as her by sending Christmas cards to family

Robert Jenrick, Priti Patel and Mel Stride will all serve in Kemi Badenoch's Shadow Cabinet

Kemi Badenoch names former leadership rivals Robert Jenrick and Priti Patel to Tory Shadow Cabinet team

Bridget Phillipson has confirmed the tuition fee rise

University tuition fees to rise for first time in eight years, as Tories accuse Labour of 'declaring war on students'

Sara Sharif had suffered dozens of injuries in the weeks leading up to her death, a court has heard

Video of Sara Sharif smiling and dancing 'days before murder' shown to court

Transport for London (TfL) has warned passengers that no Tube services are expected on Thursday 7 November

November Tube strikes to bring London to a halt this week despite RMT calling off action

Stuart Gogg during the Six Nations rugby match between France and Scotland in Saint-Denis, 26 February 2023

Former Scotland rugby captain pleads guilty to domestic abuse over five-year period against former partner