Spark Energy have announced that they have ceased trading due to a £14m bill given to them by OFGEM for non-payment of its renewable power obligation. With 300,000 customers Spark were one of the largest independent suppliers in the UK. It appears that OVO may have agreed terms with OFGEM to take over the portfolio.
It was only 9 months ago that Spark posted Group gross profits of £37m to the year end June 2017 based on a turnover of £159m.
It is currently believed that the SME division of Spark will continue to trade.