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Britain's Ofgem appoints EDF to take on Zog Energy customers

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By Reuters
Britain's Ofgem appoints EDF to take on Zog Energy customers
Britain's Ofgem appoints EDF to take on Zog Energy customers   -   Copyright  Thomson Reuters 2021

LONDON – British energy regulator Ofgem has appointed EDF to take on the customers of Zog Energy which ceased trading earlier this week, it said in a statement on Friday.

More than 20 energy companies, often supplying gas and electricity to homes and businesses, have collapsed since September, struggling with record high wholesale prices while the regulator’s price cap limits how much of the increases can be passed onto customers.

Zog energy supplied around 11,700 domestic electricity customers.

Ofgem said any funds that current and former domestic customers of the suppliers had paid into their accounts would be protected, where they are in credit. Domestic customers will also be protected by the energy price cap with their new supplier. 

Britain’s domestic price cap increased 12%-13% from Oct. 1 but wholesale prices have risen far more since that cap was set in August.