Together Energy Retail (which includes its subsidiary, Bristol Energy) supplied around 176,000 domestic customers, and one non-domestic customer.

A statement on Together’s website said: “We regret to inform you that the company will cease trading with immediate effect. We want to thank you sincerely for your custom over the past 5 years.

“Despite press reports, we did buy enough gas and electricity for your needs, but the sustained increase in wholesale prices and the securities required to continue to forward purchase the energy, have meant that it is untenable for us to continue.”

Under Ofgem’s safety net, Together 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 Together Energy Retail will be contacted by their new supplier, which will be chosen by Ofgem.

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Since the rise in wholesale energy prices began in August 2021, at least 27 suppliers have collapsed with more being added to the casualty list almost every week.

This has impacted 4 million households and left consumers with a bill of £2.6bn, according to Citizens Advice. The charity says the regulator Ofgem failed to act against unfit energy suppliers.

Richard Neudegg, head of regulation at Uswitch.com, said: “Together Energy, which includes Bristol Energy, has become the latest victim of the energy crisis and the first supplier to exit the market in 2022.

“This is a stark reminder that the challenges posed to both providers and consumers by high wholesale gas prices are still a relevant and ongoing concern. Together Energy’s 176,000 customers can be reassured that their energy supply will continue as normal and their credit balances will be protected.

“Ofgem will now appoint a new supplier, so customers should sit tight and wait for that process to conclude. We recommend that customers note their meter readings now, and again when contacted by their new supplier, to ensure their bills are accurate.”