They become the 13th energy supplier to go bust since the start of September, affecting a combined total of two million customers. On its website GOTO said: "GOTO Energy is ceasing to trade. Ofgem, the energy regulator, is appointing a new supplier for its customers. Customers need not worry, their supplies are secure and funds that domestic customers have paid into their accounts will be protected if they are in credit. Ofgem's advice is not to switch, but to wait until they appoint a new supplier for you.
"This will help make sure that the process of handing customers over to a new supplier, and honouring domestic customers' credit balances, is as hassle free as possible for customers."
Ofgem said under its "safety net", customers' energy supply will "continue and funds that domestic customers have paid into their accounts will be protected, where they are in credit.
"Domestic customers will also be protected by the energy price cap when being switched to a new supplier.
"Customers of these suppliers will be contacted by their new supplier, which will be chosen by Ofgem."
Ofgem is advising impacted customers to wait until a new supplier has been appointed and have been contacted by them before looking to switch to another energy supplier.
They are also being asked to take a meter reading for when their new supplier contacts them.
The energy regulator explained: "This will make the process of transferring customers over to the chosen supplier, and honouring any funds that domestic customers have paid into their accounts, where they are in credit, as smooth as possible."
Neil Lawrence, Director of Retail at Ofgem, acknowledged this is a "worrying time for many people" and that news of yet another energy supplier going bust can be "unsettling".
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He added: “Ofgem will choose a new supplier for you and while we are doing this our advice is to wait until we appoint a new supplier and do not switch in the meantime.
"You can rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your tariff.
“Any customer concerned about paying their energy bill should contact their supplier to access the range of support that is available."
Last week, Daligas, Pure Planet and Colorado Energy all ceased trading within 24 hours of each other.
This impacted a combined total of 250,000 customers.
The collapse of energy suppliers comes as global gas prices are continuing to surge at an unprecedented rate.
As a result, suppliers are now having to pay much more than expected to buy gas to pump into households throughout the country.
This has then piled huge pressure onto their finances.
https://news.google.com/__i/rss/rd/articles/CBMifWh0dHBzOi8vd3d3LmV4cHJlc3MuY28udWsvbmV3cy91ay8xNTA3NzUwL1VLLWVuZXJneS1jcmlzaXMtR09UTy1idXN0LWNlYXNlLXRyYWRpbmctZ2FzLXByaWNlLXJpc2UtbGF0ZXN0LW5ld3MtT2ZnZW0tc3RhdGVtZW500gEA?oc=5
2021-10-18 14:39:00Z
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