More energy companies are going bankrupt; what should you do if yours goes bankrupt?
The revelation that three more energy companies have gone bankrupt has fueled fears of a ‘energy crisis’ in the UK. Here are the actions you should take if your energy supplier goes bankrupt.
What should you do if your electricity provider goes bankrupt? Don’t be alarmed if your supplier appears to be having difficulties. To ensure that your electricity supply is not disrupted, follow these suggestions from Ofgem.
Following the announcement that energy suppliers Igloo, Symbio, and Enstroga have halted operating, a total of nine energy suppliers have gone bankrupt in the UK since September began.
But, if you’re one of the affected consumers, what should you do if your energy provider goes out of business?
The Office of Gas and Energy Members, also known as Ofgem, has a handbook that explains what to do if your supplier goes bankrupt.
If your energy provider goes out of business, here’s what you should do.
Take a meter reading and save it somewhere safe before you do anything else.
Take a picture of the meter if you can so you can refer back to it if necessary.
If you want piece of mind, discontinue your direct debit with the former supplier.
When your energy supplier goes out of business, Ofgem will begin the process of transferring your supply to a new provider.
Ofgem will have transferred your supply to a new supplier within a few days.
Your supply and credit balance will be protected thanks to Ofgem’s safety net.
They will notify you once a new provider has been allocated to you.
You can ask to be put on their cheapest rate or hunt around for better deals after they contact you.
You will not be charged any exit fees if you switch at this time.
Moneyplus Energy went out of business on September 7th, and customers were transferred to British Gas.
On September 7, PFP Energy suspended operations, and clients were transferred to British Gas.
On September 14, Utility Point suspended operations, and clients were transferred to EDF.
On September 14, People’s Energy suspended operations, and clients were transferred to British Gas.
On September 22, Green Supplier Limited discontinued operations, and clients were transferred to Shell.
On September 22, Avro Energy discontinued operations, and clients were transferred to Octopus Energy.
Symbio, Igloo, and Enstroga all stopped operating today, and it’s unclear who will take over their customers.