CNG Energy supplied about 41,000 non-domestic customers under the brand names CNG Energy Ltd and CNG Electricity Ltd.

A statement on the company’s website said: “After 27 years we are saddened to say CNG Energy Limited is ceasing to trade. Ofgem the energy regulator, is appointing a new supplier for CNG customers. Please see statement provided by Ofgem below.

“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.”

A statement from Ofgem confirmed that under the regulator’s safety net, customers’ energy supply will continue. Funds that domestic customers have paid into their accounts will be protected, where they are in credit, however this cannot be guaranteed for non-domestic customers.

Neil Lawrence, director of retail at Ofgem, said: “Ofgem’s number one priority is to protect customers. We know this is a worrying time for many people and news of a supplier going out of business can be unsettling.

“I want to reassure affected customers that they do not need to worry under our safety net we’ll make sure your energy supplies continue. 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 contract.

“Any customer concerned about paying their energy bill should contact their supplier to access the range of support that is available.”

A huge spike in wholesale gas prices has led to the collapse of numerous small providers in the past two months. These include Avro Energy, Utility Point, People’s Energy, PfP Energy, Green Supplier and MoneyPlus Energy.

Bluegreen Energy went into administration on Monday, followed by Omni Energy, MA Energy, Zebra Power, and Ampoweruk later in the week.