EXCLUSIVE: Utilita energy supplier will not sign up any new customers until next March
Utilita said sky-high wholesale costs and the Government’s energy price cap meant it would make a loss on new customers - more than 20 energy suppliers have collapsed since August
Utilita said sky-high wholesale costs and the Government’s energy price cap meant it would make a loss on new customers.Bill Bullen, founder and chief executive, told the Mirror: “We are taking on some... small numbers because you have to. But we are not actively doing so.”
Utilita is not alone as the cap limits how much suppliers can charge those on standard variable tariffs. Fixed-rate deals are being sold but are expensive.More than 20 suppliers have collapsed since August.The biggest was Bulb Energy, which failed this week with 1.6 million customers.
The Government was forced to step in with at least £1.7billion of taxpayer-backed guarantees to maintain customers’ supplies.Other failed firms were rescued by rivals, compensated by a scheme financed by bills.Mr Bullen estimated a £5billion total cost to customers and taxpayers. headtopics.com
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