Tough conditions in the energy market have led to the closure of a challenger provider.
Brighter World Energy made the tough decision as the UK gas market rose to highest levels for over five years.
The energy company, launched just over 12 months ago, explained that market conditions had made its “buy-to-give” business model unsustainable.
The supplier’s unique selling point was a pledge to help install a solar-powered micro-grid in an African village for every 2,000 customers it attracted. Customers are being passed on to not-for-profit supplier partner Robin Hood Energy on matching terms, with fees waivers for those who decide to go to another supplier.
Gas prices jumped following the emergency closure of the UK’s most important North Sea pipeline and technical issues in Norwegian waters, along with a fatal explosion at a key European gas hub.
The gas price hikes are forecast to affect energy account holders. Already Good Energy has raised tariffs by 7 per cent for its 70,000 customers and Toto Energy lifted its standard variable tariffs by 22pc.
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