Energy prices: Goto Energy becomes 13th supplier to collapse as gas prices soar

Global gas prices have increased at unprecedented rates, which has meant suppliers have had to pay much more than expected to buy gas to fuel households

Goto Energy has become the latest energy supplier to go out of business since the start of September due to a huge spike in gas prices.

Regulator Ofgem announced that the company - which supplies around 22,000 households in the UK - ceased trading on Monday (18 October)

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Goto Energy customers will be protected by Ofgem’s safety net, which will make sure they are assigned a new supplier and will not have their supply interrupted.

In the last seven weeks, around two million customers have seen their energy supplier go out of business, with Daligas, Pure Planet and Colorado Energy all ceasing trading within 24 hours of each other last week.

The 13 failures since the start of September have come as global gas prices increase at unprecedented rates, which means suppliers have had to pay much more than expected to buy gas to fuel households.

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.”