An energy supplier has been suspended from the national electricity market and will be banned from trading after being placed in voluntary administration.

Elysian Energy, whose majority of customers are based in Victoria, will be taken off the market from Friday, the Australian energy market operator has confirmed.

Insolvency experts Adrian Hunter and Robyn Erskine of Brooke Bird have been appointed directors of the company.

Supplier’s customers should be transferred to another supplier.

“Elysian Energy customers need not worry about their power going out during this transition,” Hunter said in a statement.

“We are working hand-in-hand with the Essential Services Commission, the Australian Energy Regulator and AEMO to ensure this process is smooth for all customers.”

Elysian powers approximately 7,500 homes with solar energy.

The shutdown comes three months after Elysian urged customers to find a new supplier as rising wholesale costs forced them to double prices.

Customers received a letter from the utility stating that it had absorbed massive increases in wholesale electricity prices and that additional costs to consumers would soon increase by at least 100%.

ReAmped Energy used a similar measure and told customers it was in their best interest to switch suppliers to get a cheaper price.

At the time, Australia’s energy regulator raised benchmark prices for retailers, leading to higher household bills from July 1.

ReAmped Energy chief executive Luke Blincoe said it was an “incredibly volatile time” for the energy market due to rising costs.

“Several retailers have already started lifting the drawbridge, so customers should act quickly to get a better deal now before it’s too late,” he said in a statement.

“There are still a handful of competitive offers on the market. Nobody really knows how much worse it will get, so we want people to act now.

ReAmped Energy has 70,000 customers in New South Wales, Queensland, Victoria, South Australia and the ACT.

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