Seven energy suppliers have gone bust in the recent weeks, leaving almost 1.7 million energy customers searching for a new supplier; Hub, Money Plus, Utility Point, People’s Energy, PFP, Green, and Avro. Ofgem has now been announced as the provider to take over for the above.
What Does This Mean For You If You Have Fallen Victim?
If your supplier has gone into administration it’s important not to panic! Your supply will not be cut off and any credit you have accumulated will be passed on, and your new supplier will be in touch very shortly explaining your new tariff and the next stage, but your credit will likely take a few weeks to cross over. Importantly, if you are in debt and your provider has stopped trading, you will still owe that and it is important you pay it to its administrators or the supplier that takes over its business.
Citizens Advice recommends taking a note of your meter reading and ideally a photo too, downloading any bills available in your online accounts.
At Eureka Property we recommend waiting until you have your new provider before searching for a better deal because you won’t be charged an exit fee if you move.
Are there still cheap deals to be had?
It’s very unlikely at this stage! A worldwide spike in gas and energy supplies as a whole is due to a squeeze on supplies – this is true for not just the UK but also for Europe and Asia where they have seen a rise of 250% since January. Price comparison sites are pausing their switching service with MSE seemingly the only ones still offering their service. They are also a valuable source of information on whether to stick or move. Along with Citizens Advice who provide a good guide on choosing the right tariff.
Ofgem also sets out the steps you should take to switch supplier.
