With the rise in the cost of gas, some energy suppliers have got into trouble. This has been compounded by the energy price cap making it difficult for these suppliers to pass the increased costs onto customers. One supplier that has been rumoured to be going bust is Symbio Energy.
Has Symbio Energy gone bust?
Yes, as of 29th September 2021, Symbio Energy has gone bust.
There have been some reports online that Symbio is at risk of going bust but they are still an active company. They have not posted anything online to suggest they are in trouble and the only recent news related for them has come from issues with Ofgem.
Symbio has recently stopped taking on new customers. A message on their website says that this is due to technical issues. This however is not unusual given the current state of the energy market and other suppliers have done this too.
Has Symbio Energy been in trouble with Ofgem?
As mentioned above, Symbio has been in trouble with Ofgem. Earlier in the year they were in trouble with Ofgem twice. They were issued a £100,000 fine for missing the late payment for their Renewable Obligations and then received a provisional order to pay £450,000 into the Feed-In Tariff (FIT) scheme.
Most recently, on the 21st September, they were in trouble again. Ofgem issues them with a provisional order this time for failing to pay £146,238 into the FIT scheme.
How many people will be affected?
It is not known how many customers Symbio energy currently have. They are one of the most recent suppliers to the domestic energy market but also regularly one of the cheapest. Despite this, they are unlikely to have customers on the same level as Avro did, for example.
What do happens if they go bust?
If Symbio, or any supplier goes bust, then there is no need to panic.
You won’t lose your electricity or gas supply and your credit is safe. Ofgem recommends taking a meter reading (and cancelling your direct debit if you’d like) and then waiting for them to switch you to a new supplier.
You can read more about what to do in this post.