The Brighton-based company only recently acquired the customers of Solarplicity. It was also named by Ofgem as owing £4.5 million in renewables obligation (RO) payments.
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Rutherford Energy became the seventh supplier of 2019 to cease trading earlier this week. The switch over will take place on Saturday.
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Industry experts say five companies are at 90 per cent risk or higher of failing in Q4 2019. This is in addition to the six who have already exited the market this year.
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Ofgem’s safety net will be used for a second time already this year as small energy supplier Our Power has ceased trading.
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Economy Energy has ceased trading just a day after the company was revealed to be in credit default and less than a week since it was banned from taking on new customers.
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Ovo Energy has confirmed it has entered a conditional agreement to acquire the operating company of Spark Energy.
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Snowdrop Energy said on its website that the "continued increase in wholesale market prices" has put pressure on its business, which has sparked the decision to “protect” its customers through winter.
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Usio Energy has confirmed it was threatened with a “substantial damages claim” by one of its former service providers before it ceased trading on Monday (15 October).
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The collapse of Usio Energy this week has prompted predictions that other small energy suppliers could also close before the end of the year.
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Usio Energy has become the latest energy supplier to cease trading following the recent demise of Iresa, Gen4U and non-domestic provider National Gas and Power.
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