Co-operative Energy will take responsibility for providing ongoing supply to all of GB Energy Supply’s customers, after the firm ceased trading at the weekend.

Co-operative Energy has reached an agreement with Ofgem to offer GB Energy Supply’s customers – on both fixed deals and on standard variable tariffs – the same price as they were paying before. Co-operative will also honour all outstanding credit balances for current and past customers of GB Energy Supply who are still owed money.

Staff from the bust firm will continue their employment by transferring on the same terms to Co-operative Energy, and the company’s contracts with its outsourced customer services and billing providers will be unaffected.

Co-operative Energy owner Ben Reid said: “We have worked very hard over the last few days with Ofgem to structure an agreement that provides continuity for GB Energy Supply’s customers, employees and the company’s customer service and billing contractors.

“As the only member-owned energy supplier in the UK, we put customers’ interests first and are pleased to be able to offer GB Energy Supply’s customers this same commitment.”

Customers of GB Energy Supply will be contacted by Co-operative Energy over the coming days with more information about their tariff and current credit balance.

Last month the supplier hiked its prices by 30 per cent as a result of rising wholesale costs and ceased trading at the weekend after facing difficulties relating to rising wholesale energy costs.