Martin Lewis has issued an urgent warning as fears escalate Igloo energy might go bust.
The price of wholesale gas has skyrocketed - which has left many energy suppliers on the brink of collapse.
Figures from Oil & Gas estimate the price has surged by 250% since the start of the year - meaning companies are making huge losses as they are selling gas to fixed term customers for less money than it is costing them to buy.
READ MORE: Martin Lewis warns of 'devastating choice' people will be forced to make this winter
Martin Lewis has now warned the losses look set to impact Igloo energy and explained what customers need to do.
Taking to Twitter, he said: "Strong rumours that Igloo is appointing administrators. I see @MarkKleinmanSky is saying the same.
"Igloo is a big one. If you're a customer, screen grab your status now and do a meter reading just in case. Updates later if it is confirmed."
If your energy supplier does go bust, the advice is to sit tight as regulators Ofgem will move you to a new supplier.
Customers should take pictures of their meters, and download or print out bills from the old supplier.
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.
Other than this you will not have to do anything. Ofgem will automatically move you to a new supplier. This might take a few weeks, but your new supplier will contact you when it is sorted.
You can continue to use your gas and electricity as before in the meanwhile.
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