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Neon Reef and Social Energy become latest UK power suppliers to go bust
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Another two energy suppliers have gone bust, bringing the total number of companies crashing out of the UK’s energy market to 21 in the last 10 weeks.
Neon Reef and Social Energy have both collapsed under the pressure of rocketing energy market prices, which have reached record highs in recent months amid a global gas supply crunch.
Neon supplied electricity to about 30,000 households, and Social Energy supplied energy to about another 5,500 customers, bringing the total number of customers in need of a new supplier to more than 2 million.
The suppliers ceased trading within days of the regulator warning that they would lose their licences if they failed to hand over cash collected from energy bills, which is used to support renewable energy
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