U.K. regulator Ofgem announced that it will choose a new supplier to take on the customers of Economy Energy, which has ceased trading

Economy Energy has about 235,000 domestic customers

Under Ofgem’s safety net, the energy supply of Economy Energy’s customers will continue and prepayment meters can be topped up as normal. The outstanding credit balances of domestic customers will be protected.

"We have seen a number of supplier failures over the last year and our safety net procedures are working as they should to protect customers," said Philippa Pickford, Ofgem’s director for future retail markets

Economy Energy had previously been in credit default with the U.K. market operator Elexon