The collapse of the latest two energy companies has affected 735,000 customers and with Pfp Energy, MoneyPlus Energy, Utility Point and Peoples energy having all gone into administration this month, over 1.5m people have now been affected.

It was also revealed that that energy company Bulb was seeking a cash injection to help improve its finances although the company along with Octopus have told their customers ‘not to panic’.

Many of the smaller energy companies failed to hedge prices for the winter which put them under increasing financial pressure, exacerbated by low margins and soaring prices in a highly competitive market.