Our Power is the latest company to enter the ‘suppler of last resort’ process and exit the market.
The company has around 38,000 domestic customers that will be transferred to a new suppliers under Ofgem’s ‘supplier of last resort’ process.
The company was backed by £9.5 million in funding from the Scottish government and was working with social housing companies. Other funding included a £4.4 million crowdfunding round in 2017. The first returns on the bond – a payment thought to total nearly £300,000 a year – were due in January.