Economy Energy has assured its customers it has “no intention” of closing its doors, following speculation the company might be in financial difficulty.

Ofgem recently announced the supplier was under investigation and was one of the 14 suppliers which failed to pay its renewables obligation (RO) by the 31 October late payment deadline.

Economy was shown to owe £15,650,999.63 in RO payments and £1,413,304.97 in RO Scotland payments.

The statement published on its website said: “In response to the recent speculation and circulating misinformation, we would like to provide assurance that we at Economy Energy have no intention of closing our doors.

“We will pay our outstanding ROCs obligation in full, business will continue as usual for our customers.

“We would like to thank customers for their loyalty and continued support.”

According to Companies House, Economy Energy has extended its accounting reference period from the end of March to the end of September. The company’s next set of results is now due by 30 June 2019.

An industry source previously told Utility Week that the sudden change could be a sign the company is facing financial difficulties.

Spark Energy was also announced as one of the suppliers under investigation by the regulator, it has since ceased to trade and its operating group, Spark Energy Ltd, has been acquired by Ovo Energy.

Ovo was confirmed by Ofgem as the supplier of last resort for Spark’s 290,000 customers.

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