24th Jan 2022 14:25
(Alliance News) - British Gas owner Centrica PLC on Monday said it will supply customers of another UK energy supplier that has gone under.
Together Energy Retail Ltd, which includes subsidiary Bristol Energy, went bust last week. It supplied 176,000 customers.
British Gas has snapped up Together Energy customers as part of the UK watchdog Ofgem's supplier-of-last-resort safeguard programme.
"In line with the regulatory framework, it has been agreed with Ofgem that relevant costs, including the costs of buying energy incurred by British Gas that it is not able to recover as a result of taking on the customers, will be recoverable through the established industry levy in a timely manner. British Gas will do everything it can to minimise those costs," Centrica said.
British Gas has taken on roughly 700,000 customers from nine failed suppliers since the start of the year.
Around 30 energy suppliers have gone bust in the UK since the start of last year, as gas prices soar.
Centrica shares were 3.5% lower at 68.56 pence each in London on Monday afternoon.
By Eric Cunha; [email protected]
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