Energy firm Pure Planet stops trading as 250,000 customers set to be affected

The provider says the energy price cap, which limits how much it can charge customers, means it has to go out of business as it cannot pass on huge increases in gas prices

The company says the rising cost of gas is to blame for it ceasing to operate

Energy firm Pure Planet has stopped trading due to the soaring cost of gas.

A note on the firm’s website said: “Pure Planet is ceasing to trade

Due to the global energy crisis, record high wholesale energy costs, and the restrictions placed on us by the Ofgem price cap, we are unable to keep operating Pure Planet. “

The supplier has 250,000 customers.

The energy price cap limits the amount firms can charge the average customer on their default gas and electricity tariffs – usually variable-rate deals.

But these providers are grappling with the soaring cost of gas – which currently costs five times its normal amount.

Energy firms can’t pass all of that cost on to consumers due to the cap. Since October 1 this has been £1,277 a year for normal energy use.

Pure Planet said: “The government and Ofgem, our regulator, expects Pure Planet to sell energy at a price much less than it currently costs to buy. This is unsustainable, and therefore, sadly we have had to make the difficult decision to cease trading.”

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