Latest news on the UK energy market, including details of the Ofgem price cap, tariff rate increases, company information and regulatory developments
In line with its market ‘safety net’ protocols, energy regulator Ofgem has appointed suppliers to take over the energy supply of customers of companies which have recently ceased trading due to adverse market conditions, primarily soaring wholesale price for natural gas.
Ofgem – which regulates both domestic and commercial suppliers – says the changes will affect 70,600 domestic and non-domestic customers.
The changes announced today include:
- British Gas will take on customers of Bluegreen Energy, which supplies 5,900 domestic customers, along with a small number of non-domestic customers (more information here), and Zebra Power, which supplies 14,800 domestic customers. More information here
- Utilita is taking on customers of Omni Energy, which supplies 6,000 domestic pre-payment customers. Click here for more information
- Yü Energy will take on customers of Ampower, which supplies 600 domestic and 2,000 non-domestic customers. Customers can visit here or more information
- Pozitive Energy is taking on customers of CNG Energy and CNG Electricity, which supply 41,000 non-domestic customers. Customers can go here for more information
- SmartestEnergy Business Limited is taking on customers of MA Energy, which supplies 300 non-domestic customers. Customers can visit this site for more information.
Ofgem runs a competitive process to get the best deal for consumers. The process ensures that there is no interruption to supply and that energy supplies will continue as normal after customers are switched over to their new suppliers.
Funds paid by current and former domestic customers into their accounts will be protected by Ofgem, where customers are in credit. Domestic customers will also be protected by the energy price cap with their new supplier, which means they will pay no more than the current cap (£1,277 for average use households) on their new tariff.
Customers whose suppliers have ceased trading will be contacted over the coming days about the changes. If customers wish to switch supplier, they can shop around but Ofgem is advising them to wait until the transfer has been completed.
They are recommended to take meter readings as soon as possible, as this will smooth the switch to the new supplier.
If, in due course, customers decide to switch to another supplier, they will not be charged exit fees.
Neil Lawrence, Ofgem’s director of retail, said: “We understand this news may be unsettling for customers, but they don’t need to worry. Their energy supply will continue as normal, and domestic customer credit balances, as well as some non-domestic credit balances, will be honoured.
“Your energy supply will not be interrupted, and your newly appointed supplier will be in contact over the coming days with further information….
Read More: Ofgem Appoints Suppliers For Clutch Of Recently Bust Firms – Forbes