Energy Suppliers who have gone out of business.

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Richard Frost
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Energy Suppliers who have gone out of business.

Post by Richard Frost » Tue Sep 14 2021 6:57pm

Utility Point
Peoples Energy

Have both gone out of Business today.

PFP Energy
MoneyPlus Energy

Both went out of business last week. British Gas has been appointed as supplier by OFGEM to customers of
PFP Energy & MoneyPlus Energy.

Any one using these energy companies should do nothing at the moment. The current advice from Ofgem is to sit tight and wait until your new supplier whom they appoint contacts you.

You should wait until you have heard from the company you've been moved to before you decide to look into switching elsewhere.

In the meantime, it has been suggested that you should take a meter reading for when your new supplier contacts you.
Last edited by Richard Frost on Sat Sep 18 2021 4:15pm, edited 2 times in total.
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macliam
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Re: Energy Suppliers go out of business

Post by macliam » Tue Sep 14 2021 7:11pm

A lot of chaff will fly off..... it's the beauty of a self-regulated market!!

You have the choice to decide which one rips you off............
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Just because I'm paranoid, it doesn't mean they're not out to get me

Richard Frost
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Re: Energy Suppliers go out of business

Post by Richard Frost » Sat Sep 18 2021 4:06pm

Ofgem has appointed EDF to take on supplying Utility Point’s approximately 220,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers.

EDF is offering customers a competitive tariff. Outstanding credit balances, including money owed to both existing and former customers of Utility Point will also be honoured.

For existing Utility Point customers, energy supplies will continue as normal as they switch over to EDF on 18 September 2021.

Customers of Utility Point will be contacted over the coming days about the changes. If customers wish to switch supplier they can shop around, but are advised to wait until the transfer has been completed. Customers will not be charged exit fees if they decide to switch to another supplier.

https://www.ofgem.gov.uk/publications/o ... lity-point

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Re: Energy Suppliers who have gone out of business.

Post by macliam » Sat Sep 18 2021 11:02pm

Isn't it amazing that we were all encouraged to switch to alternative energy suppliers, but when one fails the customers get transferred to one of the big boys!
Just because I'm paranoid, it doesn't mean they're not out to get me

Richard Frost
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Re: Energy Suppliers who have gone out of business.

Post by Richard Frost » Sat Sep 18 2021 11:11pm

macliam wrote:
Sat Sep 18 2021 11:02pm
Isn't it amazing that we were all encouraged to switch to alternative energy suppliers, but when one fails the customers get transferred to one of the big boys!
It is easy enough to switch out to a supplier of choice although the prices will certainly be higher.

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Re: Energy Suppliers who have gone out of business.

Post by RonFlorabud » Sun Sep 19 2021 6:42am

But think of the cashback or other incentive you would probably have received - possibly before even meeting your minimum contracted period.

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Re: Energy Suppliers who have gone out of business.

Post by Richard Frost » Mon Sep 20 2021 11:52am

Ofgem has appointed British Gas to take on supplying People’s Energy’s approximately 350,000 domestic customers and around 1,000 non-domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers.

Outstanding credit balances, including money owed to both existing and former domestic customers of People’s Energy will also be honoured.

For existing People’s Energy customers, energy supplies will continue as normal after they switched over to British Gas on 19 September 2021.

https://www.ofgem.gov.uk/publications/o ... les-energy

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Re: Energy Suppliers who have gone out of business.

Post by pabenny » Mon Sep 20 2021 1:51pm

macliam wrote:
Sat Sep 18 2021 11:02pm
Isn't it amazing that we were all encouraged to switch to alternative energy suppliers, but when one fails the customers get transferred to one of the big boys!
Not really. The big suppliers are those with the resources and capability to take on a sudden influx of new customers. From what I've seen professionally, small suppliers don't necessarily have the most robust billing systems, records, etc, so transferring customer accounts and balances is less than straightforward.

From their point of view, it's often a relatively cheap method of customer acquisition.

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