The biggest challenger to Britain's six biggest gas and electricity retailers is shaking up its board and launching a diversification into other markets amid fury over a competition probe into the UK energy market.
Sky News has learnt that First Utility will announce on Wednesday that its chairman, Dr John Roberts, is to step down and be replaced by Thomas Chambers, an experienced technology investor.
Two other non-executive directors of First Utility - Pieter Knock and Eva Eisenschimmel - will also step down from the board as the prospect of a bumper stock market flotation recedes into the medium term.
The company is now advancing plans to expand beyond the energy market, and is expected to launch a super-fast product in the UK within weeks through a tie-up with TalkTalk, according to insiders.
Further products in the financial services and connected home spaces are being studied.
That diversification will be accompanied by the launch of First Utility's energy products in a wider range of European markets.
In addition to the UK, it has signed up 50,000 customers after 12 months operating in Germany.
The moves come three months after First Utility's management was heavily critical of the Competition and Markets Authority's final report on the industry.
One of the principal complains of challengers was the CMA's proposal to allow price comparison sites to conceal energy deals on which they would not earn commission.
Critics argue that this will inhibit, rather than promote, switching among consumers.
Darren Braham, First Utility's founder and chief financial officer, said:
"This means a baffling array of tariffs, even more exploitation by the Big Six and customers continuing to pay much more than they need to."
First Utility's expansion plans are expected to be funded from existing financial resources, according to insiders, although it did gain approval from investors at its annual meeting to conduct a secondary share sale.
Under the leadership of Ian McCaig, its chief executive, First Utility has made significant progress establishing itself as a challenger to the likes of British Gas, Npower and SSE (LSE: SSE.L - news) .
At the end of June, according to figures from Cornwall Energy, a consultancy, First Utility had 24% of the domestic energy supply market outside the big six.
About one million UK households have signed up to take gas or electricity from the company, which has quadrupled in size in the last five years.
It has sought to position itself as a consumer champion, cutting charges for customers who do not pay by direct debit, and launching a campaign to cut switching times.
First Utility claims to have saved British consumers £500m on their energy bills over the last eight years.
First Utility had begun preparing for an initial public offering, selecting investment bankers to work on a flotation about a year ago.
The company's management and investors have now decided to delay that in order to focus on their expansion plans.
Accounts filed at Companies House show a slump in First Utility's profits last year because of administrative costs and abnormally warm weather at the end of last year.
The company has also attracted interest from private equity firms including CVC Capital Partners, with a proposal said to be worth approximately £500m rejected by First Utility last year.