This may include advertising from us and 3rd parties based on our understanding. Orbit Energy Limited is ceasing to trade, according to a statement on Orbit's website. Ofgem, the energy regulator, has appointed a new supplier for its customers. Customers need not worry, their supplies are secure and funds that domestic customers have paid into their accounts will be protected if they are in credit. According to the statement, 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. Orbit Energy Limited has stopped trading. The energy regulator Ofgem has a new supplier for its customers. As of 11.30 am on Thursday, there was no explanation on Entice Energy's website. The latest developments come after Bulb Energy, Britain's seventh-biggest energy company, went into administration. The government has set aside nearly 1.7 billion dollars to allow the company to continue to supply energy to its customers. The company was put into special administration in court on Wednesday, which will allow it to continue to trade for the time being.
The 1.69 billion loan will be set aside by the government to support the administrator's work, and ensure that lights stay on for Bulb's 1.6 million customers. Business Secretary Kwasi Kwarteng can use that money to make more money for the company if needed, court documents show. Without cash, Bulb wouldn't be able to keep its doors open past the middle of December, they show. Bulb is run as normal under what has been dubbed a too-big-to-fail alternative to Ofgem's usual process, as normal by administrator Teneo until a potential buyer can be found, or until its customers leave. BT will axe landline phones millions of elderly households at risk. A 1.69 billion loan will be set aside by the government to support the administrator's work, and ensure that lights stay on for Bulb's 1.6 million customers.
The administrators estimate that it will cost around 2.1 billion to keep Bulb trading going strong until the end of April next year. Shadow business secretary Ed Miliband said that with so many companies going bust in just two months, something that is not happening anywhere else in the world, it points to a systemic failure of regulation. Firms took risky bets and were allowed to do so in 2016 and the Government and Ofgem significantly deregulated the conditions of operation. Will the business secretary take responsibility for the failure of regulation? Does it mean there needs to be a review of the regulation of the market? Since the beginning of September, 25 energy suppliers have failed, largely due to a spike in gas prices. Fears of royal breaking point' over more Harry and Meghan interviews INSIGHT BBC hasn't learned since Bashir became a Royal doc REACTION Queen's passion to be a huge part of Platinum Jubilee celebrations REPORT The increases and a cap on what companies can charge their customers, forcing businesses to sell energy for less than they bought it for. Some of the biggest companies buy their gas far enough in advance to avoid the worst effects of the price spike. Those who have not been placed under unprecedented pressure are those who have not. Labour MP Alex Sobel Leeds North West said in the Commons: "We're moving back to an oligopoly of energy companies that are increasing their profits while the supplier of last resort is socialising losses."
The move should provide reassurance to any of the 1.7 million customers who may have been concerned about the collapse of their provider, according to the home products and services editor. We recommend Bulb customers to do nothing and wait for more information about the special administration process. Its customers will continue to see their bills limited by the price cap, which is likely to be the best deal for them at the moment. If you have already arranged to switch to or from Bulb, this will continue as planned.