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A Guide to energy suppliers going bust

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With more than 19 energy providers going bust since the beginning of September, we know there is a lot of confusion at the moment, so have produced a list of contact details for your new supplier and some top tips!

If your previous supplier has gone bust, you should have been contacted by the new supplier. Here is a handy guide to recent takeovers and who your new supplier is.

DatePrevious supplier New SupplierLink for more info
SeptemberMoney Plus EnergyBritish GasBritish Gas
SeptemberPFPBritish GasBritish Gas
SeptemberUtility PointEDFEDF
SeptemberPeople’s EnergyBritish GasBritish Gas
SeptemberGreen (Green Supplier Limited)Shell EnergyShell
SeptemberAvroOctopusOctopus
SeptemberSymbio EnergyE.ON NextE.ON
SeptemberIgloo EnergyE.ON NextE.ON
SeptemberESTROGAE.ON NextE.ON
OctoberColorado EnergyShell EnergyShell
OctoberPure PlanetShell EnergyShell
OctoberDaligasShell EnergyShell
OctoberGOTO EnergyShell EnergyShell
NovemberBluegreen EnergyBritish GasBritish Gas
NovemberAmpower LTDYu EnergyYu Energy
NovemberZebra PowerBritish GasBritish Gas
NovemberOmni EnergyUtilitaUtilita
NovemberSocial Energy Supply LTDAwaiting appointment
NovemberNeon ReefAwaiting appointment

Your supplier goes bust, what now?

Don’t panic

Under Ofgem’s ‘safety net’, the energy supply of the previous supplier’s customers will continue and outstanding credit balances of domestic customers will be protected.

Customers of the outgoing supplier will be transferred to a new supplier, which will be selected by Ofgem. The process of choosing a new supplier usually takes a couple of days.

What to do if your supplier goes bust?

  • Sit tight and not switch to another energy supplier until you have been contacted by the replacement supplier.
  • Take a meter reading ready for when your new supplier contacts you.

This will make the process of transferring customers over to the new supplier, and paying back any outstanding credit balances, as smooth as possible.

How will I know who the new supplier is?

Ofgem will announce the new supplier on their website and via social media, within a couple of days of the previous supplier announcing that they are ceasing to trade.

The new supplier will then get in touch to let you know they are taking over supply. Once you have been contacted by the new supplier, you can ask them to out you on their cheapest available tariff, and then you can shop around for a better deal. During this time you won’t be charged any exit fees.

It is important to note, that at this present time, the tariff you are placed on by your new supplier, will be the best available and while you may not be with a green supplier, you may be unlikely to find a cheaper green tariff by shopping around.

Will my supply be cut off?

No, your supply will not be disrupted and you will not notice a change, other than the new supplier contacting you and letting you know what will happen with your account.

Get ready to switch

Once your transfer to the new supplier has taken place, you should make sure that the tariff you are placed on with them is competitive, which at this present time, it is likely to be. If you want to make sure you’re buying green energy (and we hope you do!) then you should also check the electricity covered by the tariff is 100% renewable.

Will I be on a new contract with the new supplier?

In short yes. Your previous tariff and contract will end and the new supplier will put you on a “deemed” contract, which you will be free to leave.

Will my bills go up once I’m with my new supplier?

Possibly.

If you were in a fixed term contract with your old supplier, it is possible your bills will increase, however the tariff you should be placed on by the incoming supplier, should be their standard variable tariff, which is currently capped, due to the price cap. Our current suggestion is to sit tight until the spring, when hopefully prices will have decreased to allow customers to switch.

I’m in credit with existing supplier, will I lose this money?

You won’t lose any credit you have with your existing supplier and this will be transferred to the new supplier and your new energy account.

It is advised to take a meter reading and note of your account balance prior to being appointed a new supplier.

Should I cancel my direct debit?

You don’t need to cancel your direct debit, however you can.

How does Ofgem’s ‘safety net’ work?

Ofgem asks suppliers to bid to become the new supplier in an effort to try and get the best possible deal for customers. After the new supplier has been chosen, customers are moved onto a new contract with the new company. It usually only takes Ofgem a few days to appoint a new supplier, although the transfer of customers can take a number of weeks.

During this time, our advice is to sit tight, don’t switch and wait until your new supplier contacts you. This will make sure the process is as hassle free as possible for you, including securing the return of any outstanding credit balance you may have.

Once you have been contacted by your new supplier, you should ask them to put you on their cheapest deal or shop around if you are not happy with them. You won’t be charged exit fees. Find out more in ‘Switching supplier’ below.

Too much to take in?

We created Big Clean Switch to take the complexity out of choosing a green supplier. At the moment the energy situation is complex and switching options are limited. If you would like to stay in the know and be notified when the time is right to switch, you can sign up to our newsletters here.

Where to find more information

For more on Ofgem’s safety net, see: www.ofgem.gov.uk/consumers/household-gas-and-electricity-guide/extra-help-energy-services/ofgem-safety-net-if-your-energy-supplier-goes-out-business