UK energy supplier, Green, has become the latest victim of the energy crisis.

Several energy suppliers have been put out of business and factories have been forced to stop production as the price of gas has soared in recent weeks

Energy companies could receive emergency loans from the government as struggling firms battle to stay afloat amid a surge in wholesale gas prices in the UK.

Prime Minister Boris Johnson said “we’ll have to do everything we can” to prevent those companies from failing - with smaller suppliers facing potential ruin as price hikes mean they cannot fulfill their promises to customers.

Green cease trading amid UK energy crisis

More than 250,000 customers and 185 staff will be affected as the Green announced it would cease trading as a result of the energy crisis.

Green said it was "exiting the market due to the government failing to provide any support to smaller energy suppliers".

The announcement comes as Energy UK chief executive Emma Pinchbeck revealed she had warned the Government and Ofgem that the sector was fragile at least two years ago.

“I took this job a year ago. When I was hired, the chairman of Energy UK said that your biggest challenge is going to be the vulnerability of the retail market,” she told MPs on the Business, Energy and Industrial Strategy Committee.

“And I know that for a year or more before that my team had been making the case to the regulator and the Government that the sector is fragile.

“There’s a short-term crisis here, which is in some ways out of our control – it’s to do with the gas prices – but it’s been exacerbated and arguably caused by our regulatory design.

“And that is a resilience and security of supply risk in the future. It’s terrible news for customers in the long run.”

She added: “In any normal market we have companies that fail. The point is, right now, we think that good, well-run companies will fail. And that’s a function of both the pricing shock but also market design.”

Which energy companies have already gone bust?

These companies have already gone into administration this year:

- Utility Point (14 September)

- People’s Energy (14 September)

- PFP Energy (7 September)

- MoneyPlus Energy (7 September)

- HUB Energy (9 August)

What should I do if my energy supplier goes bust?

Sit tight. Ofgem will move you to a new supplier. Take pictures of your meters, and download or print out your bills from the old supplier.

If Ofgem moves you to a supplier or a deal you are not happy with, you can then shop around.

If your energy supplier owes you money, your money is protected and you should get it back.

Other than this you will not have to do anything. Ofgem will automatically move you to a new supplier. This might take a few weeks, but your new supplier will contact you when it is sorted.

You can continue to use your gas and electricity as before in the meanwhile.

Why gas prices are surging

OGUK, representing the offshore oil and gas industry, reported wholesale prices for gas have surged 250% since January – with a 70% rise since August alone.

The rise in gas prices has been blamed on a number of factors, including a cold winter which left stocks depleted, high demand for liquefied natural gas from Asia and a reduction in supplies from Russia.

Following a meeting on Sunday with the regulator Ofgem, Mr Kwarteng said “well-rehearsed plans” were in place to ensure consumers were not cut off in the event of further failures.

However, he is expected on Monday to come under pressure from the big suppliers for a major Government support package to help them through the crisis.

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