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GOTO Energy has ceased trading: What you need to know

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We’re very sorry to say that one of our panel suppliers, GOTO Energy, has today announced they are ceasing to trade. GOTO hadn’t been switchable through us for some time, but this article sets out what you need to know if you’re affected.

We’ve written extensively about the challenges currently facing suppliers, and our hearts go out to everyone at GOTO Energy.

In the meantime, if you’re a customer of GOTO, here’s what you need to know…

Advice for customers of GOTO Energy

Above all else, don’t panic.

Ofgem, the UK energy regulator, has a process in place to ensure that your energy supply will continue and that any credit balances with GOTO will be protected.

What happens next

  1. Ofgem will find a new provider to replace GOTO Energy. This is known as a ‘supplier of last resort’. This should be announced within days.
  2. Take a meter reading now and make a note of it.
  3. Your account will be transferred to the replacement supplier. This process could take several weeks to complete.
  4. Ofgem advises not to try to switch away from your new supplier until they have confirmed that you are on supply. This may be some time after they have first contacted you. The reason for this is that if the switch is still being processed to the new supplier, the new application may be rejected automatically.
  5. Once you are live with the new supplier:
    • Make sure the new supplier has placed you on their ‘standard variable’ tariff. Standard variable tariffs are currently limited by the price cap, and are the cheapest deals available.
    • You are free to switch away without incurring penalties, but your options are likely to be extremely limited, and switching is likely to leave you on a more expensive tariff than if you do nothing.

How will GOTO Energy ceasing trading affect your bills?

If you were on GOTO Energy’s standard variable tariff, then the new supplier’s standard variable tariff will be held at the same level, and so you won’t see any chance to the price you pay for a unit of energy.

If you were on a fixed price tariff with GOTO Energy, then the chances are your bills will go up, as the new supplier’s ‘standard variable’ rate is likely to be more expensive than your old fixed rate tariff, even though it is the cheapest tariff currently available given current energy prices. You can find out more about this here.

Will you still get green energy?

We don’t yet know – it depends which supplier takes over your supply. If the new supplier doesn’t provide green energy, then unless you can afford to pay a lot more, our advice is to wait until spring, when switching is likely to make more sense financially, and more green options should be available.

What you should do

  • Take a meter reading
  • Wait to hear from your new supplier
  • Sign up to our updates to make sure you act when energy prices change