Lowering bills, cutting carbon
Two energy suppliers, PfP Energy and MoneyPlus Energy have announced this week, that they are ceasing to trade. PfP Energy currently supplies gas and electricity to around 80,000 domestic customers as well as around 5,000 non-domestic customers. MoneyPlus Energy supplies gas and electricity to around 9,000 domestic customers.
Under Ofgem’s ‘safety net’, the energy supply of PfP Energy and MoneyPlus Energy’s customers will continue and outstanding credit balances of domestic customers will be protected.
Customers of PfP Energy and MoneyPlus Energy will be transferred to a new supplier, which will be selected by Ofgem.
As of 9th September 2021, Ofgem’s current advice to PfP Energy and MoneyPlus Energy’s customers is to:
This will make the process of transferring customers over to the new suppliers, and paying back any outstanding credit balances, as smooth as possible.
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. 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.
We created Big Clean Switch to take the complexity out of choosing a green supplier. We only work with suppliers we are confident offer a genuinely green tariff, so you can switch with confidence without having to get bogged down in the background reading. So if you want low cost green energy without the hassle, hop over to our switch page and run a quote.
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.
Possibly.
Your new supplier will put you onto a special ‘deemed’ contract (this means a contract you haven’t chosen). ‘Deemed’ contracts can be more expensive. The supplier takes on more risk, for example, having to buy additional wholesale energy at short notice for new customers. So, they also charge more to make up for this extra risk.
Until you’re contacted by the new supplier, sit tight to protect any credit balance you may have, but once you know the transfer has taken place, explore your switching options as soon as possible.
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
For the latest updates on this situation from Ofgem, see: www.ofgem.gov.uk/news-blog/news-press-releases
