Energy firms Whoop and Xcel Power halt trading ahead of Ofgem’s £693 price ceiling hike

Two energy companies already supply gas and electricity to homes and businesses, and affected customers are now being found new suppliers by energy regulator Ofgem.

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Customers of energy The companies Whoop Energy and Xcel Power were left out because the two companies stopped trading.

Whoop Energy powers 50 homes and 212 businesses, while Xcel is used by 274 businesses.

A notice on the Whoop website said: “Whoop Energy is suspending trading. Ofgem, the energy regulator, is appointing a new supplier for its customers.”

Xcel Power said: “Xcel Power Limited is shutting down trading.”

Dozens of energy companies have lose business in the past year due to the increase in gasoline prices.

Due to the price cap set by Ofgem, it is not possible for energy suppliers to pass this entire cost on to consumers.

As a result, many energy companies are selling electricity for less than they pay for it.

There has been another gas price hike this month.

Dozens of energy companies were forced to stop trading due to high gas prices


AFP via Getty Images)

An Ofgem statement said: “In recent weeks, unprecedented increases in global gas prices are putting financial pressure on suppliers.

“Ofgem is working closely with government and industry to ensure that customers continue to be protected this winter.”

Neil Lawrence, Ofgem’s Chief Retail Officer, said: “Ofgem’s number one priority is to protect our customers. We know this is a worrying time for many and news of a supplier is about to be discontinued. Business can cause anxiety.

“I would like to reassure affected customers that they need not worry, under our safety net we will ensure your energy supply continues.”

Ofgem’s advice to affected Whoop and Xcel customers is:

  • Wait until a new supplier is assigned and you have been contacted by them in the following weeks before attempting to switch to another energy provider.
  • Prepare meter readings when a new supplier contacts you.
  • This will make the process of transferring the customer to the chosen supplier and honoring any funds that the domestic customer has paid into their account, where they currently have credit, as smooth as possible. maybe.

Millions of households will see energy bill up almost £700 from this April, Ofgem confirmed.

Two companies have provided electricity to 500 households and businesses


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Those following the default tax rate paying by direct debit will see a £693 increase from £1,277 to £1,971 from April 1 – a staggering 54% increase.

Prepaid customers will be hardest hit, with a £708 increase from £1,309 to £2,017.

The move will affect about 22 million households and follows a 12% increase in October.

It will affect customers whose default rates have not yet switched to a fixed agreement.

It also affects customers who stay with their new provider after their previous provider stops trading and leaves the market.

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Read more Energy firms Whoop and Xcel Power halt trading ahead of Ofgem's £693 price ceiling hike

Fry Electronics Team

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