One Select has become the latest UK energy supplier to cease trading, after less than two years on the market.

The company, which advertised itself as a “low-cost” supplier, is the eighth provider to fold in 2018. It had 36,000 gas and electricity customers in England and Wales.

It stopped trading on Monday morning, days after coming last in a Citizens Advice customer service ranking 34 suppliers.

The energy regulator Ofgem will now select a new supplier to take on One Select’s customers through its safety net procedure.

“We have seen a number of supplier failures this year and our safety net procedures are working as they should to protect customers,” said Philippa Pickford, Ofgem’s interim director for future retail markets.

One Select’s exit follows those of Extra Energy, Future Energy, National Gas and Power, Iresa, Gen4U and Usio Energy, which all ceased trading this year, plus Flow Energy, which exited the market through a sale to Co-op Energy.

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