Co-Operative Energy will take on all 160,000 customers of GB Energy, the UK power supplier which collapsed over the weekend.

Ofgem, the UK energy regulator, said the Co-Op had been chosen “after a competitive process to get the best deal possible”, writes Andrew Ward.

The failure of GB Energy highlighted the pressure on small power suppliers from recent rises in the price of wholesale energy — a trend exacerbated for UK suppliers by depreciation of the pound.

The Co-Op said it would honour outstanding credit balances of GB Energy customers and contact all of them in coming days.

Ofgem’s senior partner for consumers and competition, Rachel Fletcher, said: “Our advice for customers of GB Energy Supply is to wait until Co-operative Energy contacts you. They will give you more information about the tariff you are on, and about your credit balance.”

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