If you are a customer of one of the six energy suppliers that have gone bust this month, you are probably wondering what to do. Here is some information about what will happen next and advice on what to do.
The companies that have ceased trading are:
· Avro Energy
· Green Supplier Ltd
· Money Energy Plus
· Peoples Energy
· PFP Energy
· Utility Point
If you are a customer of any of these suppliers, Ofgem, the energy regulator for the UK, is advising customers to sit tight and wait for Ofgem to allocate a new supplier for each company. This is the so-called ‘safety net’ that makes sure customers are not left without power. You will be informed of who your new supplier is shortly.
Your old account will be taken on by the new supplier, together with any credit or debt you have on the account. You will be able to reclaim the credit from the new supplier once your account transfer has been completed. However, depending on the number of customers needing to be transferred, this could take a few months.
Customers are advised to take make a note of their meter readings (and date) now and if possible, take a photo of the meter readings, so you will have a correct start meter reading for the new supplier. It is also worth checking you have a copy of your last bill, so you know what your account number is and what your last balance was.
Although you may be tempted to try and switch supplier, this is not recommended as it will confuse the account transfer process to the new supplier and possibly slow things down. You will be able to switch supplier once your account has been fully transferred to your new supplier.
Most of the energy suppliers have now withdrawn their tariffs from the energy comparison sites so you will need to go directly to the suppliers’ websites to get quotes for their available tariffs. Prices for fixed deals have increased so think carefully before you enter into a deal if it has an exit fee. The standard variable tariffs can go up and down in price but are capped.
The energy price cap is increasing from 1 October 2021 and energy suppliers can charge up to the maximum allowed. This means standard tariffs could increase by £139 and prepayment customers seeing a potential increase by £153. The price cap will remain in place for 6 months.
Current advice is that default standard variable tariff deals are among the most competitive, (the default tariff your supplier puts you on, when a fixed deal has finished) and the best thing to do is to wait for prices to reduce, though it’s always worth checking.
For more information on how we can help you with your energy bills, contact the sustainability team by emailing email@example.com or calling 0345 8 507 507.
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