The energy industry is in the midst of a crisis.
Figures from Oil & Gas UK estimate the price of wholesale gas has surged by 250% since the beginning of the year.
The price of gas has soared due to an increase in demand for gas as we head into the colder winter months and the world emerges from the pandemic.
READ MORE: Ten simple tips to save £600 on your energy bills
However, this has put many suppliers at the brink of collapse as companies are selling gas to fixed term customers for less money than it is costing them to buy.
Avro Energy and Green Supplier are the latest companies to go bust with Money Saving Expert Martin Lewis suggesting yesterday Igloo is crisis.
1.5 million customers now face the prospect of switching companies due to the turbulent situation and we've rounded up what the guidance is if your energy supplier goes bust.
What should I do if my energy supplier goes bust?
The advice from Ofgem is you do not need to worry as the regulator will move you to a new supplier.
Citizen's Advice say that this usually takes a couple of weeks but your new energy provider will get in touch with you to explain the next steps for your account.
While you are waiting for your new supplier, Citizen's Advice recommend that you should:
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Take meter readings - it’s useful to take a photo of your meter readings too
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Keep any old bills you have - these can help prove your payment history, credit balance or debt
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Make a note of your account balance - you’ll find this on your most recent statement
While you are waiting for your new supplier, Ofgem says you can cancel your direct debit if you wish, but Citizen's Advice say you should wait until your new account is set up before you cancel.
When your new supplier contacts you, Ofgem recommend you ask them to put you on its cheapest tariff. However, if Ofgem moves you to a supplier or a deal you are not happy with, you can then shop around.
If your energy supplier owes you money, your money is protected and you should get it back.
Will my energy supply get cut off?
No, Ofgem has assured customers the energy supply will not be disrupted.
It said: "Your energy supply won’t be disrupted. In fact, you won’t notice any change, other than a new supplier being appointed for you.
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