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Avro Energy have just updated this statement on their website.

Avro Energy is ceasing to trade. Ofgem, the energy regulator, is appointing a new supplier for its customers.

Customers need not worry, their supplies are secure and domestic credit balances are protected.

Ofgem’s advice is not to switch, but to wait until they appoint a new supplier for you. This will help make sure that the process of handing customers over to a new supplier, and honouring domestic customers’ credit balances, is as hassle free as possible for customers.
With nearly 600,000 customers Avro is the largest company to collapse with the recent spike in the wholesale price of gas.

Also today Green Supplier Ltd ceased to trade, with approximately 250,000 customers, issued this statement:

We are saddened to let you know that Green is ceasing to trade. Green Supplier Limited is ceasing to trade. Ofgem, the energy regulator, is appointing a new supplier for its customers.

Customers need not worry, their supplies are secure and domestic credit balances are protected.

Ofgem’s advice is not to switch, but to wait until they appoint a new supplier for you. This will help make sure that the process of handing customers over to a new supplier, and honouring domestic customers’ credit balances, is as hassle free as possible for customers.
These latest companies ceasing to trade follow others in the market, including: People's Energy, Utility Point, PfP Energy and MoneyPlus Energy, accounting for some 1.5 million customers needing to change supplier.

Whilst any credit balances and energy supply are protected it is likely that customers of these firms will potentially higher prices from other suppliers.

Ofgem on their website have stated:

The recent increase in wholesale global gas prices is impacting many countries as we recover from the impacts of the COVID-19 pandemic. These are unprecedented times, and we may see more suppliers than usual exiting the energy market.

When suppliers exit the energy market, they will usually arrange to transfer their customers to another supplier through a trade sale. Ofgem has a range of powers we can use to step in and protect households and businesses when suppliers leave in an urgent or unplanned way, for example due to serious financial difficulties. These provide a safety net, ensuring you are seamlessly transferred to a new energy supplier with no disruption to your energy supply. They also protect household credit balances, so any money you are owed is returned.

Our powers include appointing a ‘Supplier of Last Resort’ (sometimes called a ‘SoLR’). If this is not feasible, we can also ask the government for an 'Energy Supply Company Administration Order' which would put in place a 'Special Administration Regime’ (‘SAR’).
Focus next is on Bulb with over 1.7m customers who are reportably seeking financing. Another supplier Igloo is also looking at financial restructuring options.

The causes of these business failures is blamed on the 70% rise in the price of wholesale gas since August. The current price cap arrangements only protect these businesses up to the end of July.