Usio Energy has become the latest supplier in the UK to cease trading.
Ofgem said the energy supply of its 7,000 customers will continue as normal and any outstanding credit balances will be protected.
It will now choose a new supplier to take on the company’s customers, who will be contacted individually when the process is complete.
The regulator is urging Usio Energy customers not to switch to a different supplier yet – they are being advised to take a meter reading and wait until the new company contacts them.
That is to ensure customers’ outstanding credit balances are paid and it is as “hassle free as possible” for them.
They are also advised to ask to be put on the cheapest deal or shop around for a cheaper supplier after they have been contacted.
Mark Starks, Ofgem’s Executive Director for Consumers and Markets said: “If you are a Usio Energy customer, there is no need to worry as we will make sure your energy supplies are secure and your credit balanced is protected.
“Ofgem is working to choose a new supplier as quickly as possible for you. whilst we’re doing this, our advice is to ‘sit tight’ and don’t switch. Your energy supply will not be affected and will continue as normal – the thing that will change is that your energy will come from a new supplier.”