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The ongoing energy crisis has claimed its biggest victim as the UK’s seventh largest energy supplier, Bulb announced that it has entered administration.

Two of the UK’s largest energy supply companies could be investigated by Ofgem and possibly face fines of up to 10% of their revenue after being accused of breaching price cap rules by overcharging customers by hundreds of pounds.

Two more energy suppliers have exited the market, this time it was Neon Reef and Social Energy Supply who were the latest victims of surging gas prices and financial difficulties.

The situation in the energy retail market grows grimmer as new analysis of the market shows that a third of the remaining suppliers is at imminent risk of going bust.

Ofgem has issued a final warning to five energy suppliers that they will have their licences revoked for failing to pay more than £500,000 in renewable obligations.

The crisis in the energy supply market led to more consumers switching from smaller suppliers to larger ones at the highest rate in eight years in September.

The Department for Work and Pensions has been criticised by MoneySavingExpert for sending messages telling energy customers to switch their tariffs even though such a move could end up costing them hundreds of pounds.

Utility Warehouse has been hit with a fine worth £1.5 million after an Ofgem investigation discovered that the energy supplier had failed its customers and offered inadequate support for those in debt.