Energy crisis

Scaf

Member
Messages
3,887
So smaller energy suppliers seem to be going bust with more to follow.

lots of assurances that worst case you change supplier but may pay more.

But what if you were in credit with the supplier that has gone bust, so you lose that money or does the new supplier take the hit.

Two weeks ago we moved from BULB for a better deal but we’re in credit by £480.
BULB has not gone bust yet but have gone public with the fact they are seeking a bail out (which the Government have said is not an option).

We have not had the refund yet.

Anyone know what the score it.
 

allandwf

Centenary Club
Messages
9,744
I would have thought you take the hit. Not always cheaper is best. You have to ask who these small companies are/were that popped up, who thought they could undercut the bigger ones, maybe for a while but too small to ride out fluctuations.
 

Scaf

Member
Messages
3,887
If I am honest my wife looks after this for us, and I agree cheapest is not always best but as Engergy Companies are regulated I would like to think there is protection.

Its not being talked about on the news / papers as far as I can see and conflicting info on the net.
 

spkennyuk

Member
Messages
5,202
Last edited:

ScottH

Member
Messages
104
Was just about to link the same, we were with utility point who went a week or two ago… That one was my decision :argue1:
 

lifes2short

Member
Messages
4,909
or just take meter readings every quarter and pay what is owed only, simples, cant understand folk that pay estimated bills, why allow utility companies have more than they are due :rolleyes:
 

midlifecrisis

Member
Messages
11,104
The issue is that energy companies,and comparison websites for that matter, estimate what they think you will use based on number of people and bedrooms in the house. Not your actual use. From this they compare the annual cost of energy you are likely to use and you then compare on this cost. They do not give you the actual cost in pence per kWh, standing charge per day or exit fee upfront.
This I believe is a failing but Sam your money is safe and you should get a refund in due course . I'd urge you to reduce the direct debit amount to as near zero as possible to reduce your exposure.
 

midlifecrisis

Member
Messages
11,104
Just found out that AVRO have gone pop too...

I am £200 in credit, I ceased my direct debit when it hit £250. They didn't like it but it's my money.

So now I'll wait an see. A new provider should be allocated to me. I

I'll only need the electrical grid as a back up...unless I convince you to condemn all of your batteries and offer to take them of your hands . If I use 9 kWh per day (high estimate), I'll need 8 100Ah batteries, make it 10 for extra capacity on cold days.
 

Attachments

GeoffCapes

Centenary Club
Messages
12,397
So smaller energy suppliers seem to be going bust with more to follow.

lots of assurances that worst case you change supplier but may pay more.

But what if you were in credit with the supplier that has gone bust, so you lose that money or does the new supplier take the hit.

Two weeks ago we moved from BULB for a better deal but we’re in credit by £480.
BULB has not gone bust yet but have gone public with the fact they are seeking a bail out (which the Government have said is not an option).

We have not had the refund yet.

Anyone know what the score it.
If Bulb are needing a bail out, then it's likely they will go down the tubes along with the others.
The Government are not bailing anyone out.

Most of these 'energy' companies are set up by investment houses to play the energy stockmarket, so to speak.
The risk their own money. Sometime they win, sometimes they lose.

If they go bust holding your money you might as well kiss it goodbye as you'll join the rest of the queue of creditors for your 5p in the pound.
What I would do is cancel your direct debit, and that way at least your next bill will be covered by your credit and see what happens.

As a domestic user you can change your supplier at any time. Although now is a shocking time to be buying any energy.
 

GeoffCapes

Centenary Club
Messages
12,397
Just found out that AVRO have gone pop too...

I am £200 in credit, I ceased my direct debit when it hit £250. They didn't like it but it's my money.

So now I'll wait an see. A new provider should be allocated to me. I

I'll only need the electrical grid as a back up...unless I convince you to condemn all of your batteries and offer to take them of your hands . If I use 9 kWh per day (high estimate), I'll need 8 100Ah batteries, make it 10 for extra capacity on cold days.
I would find your own supplier if I were you.
 

GeoffCapes

Centenary Club
Messages
12,397
The issue is that energy companies,and comparison websites for that matter, estimate what they think you will use based on number of people and bedrooms in the house. Not your actual use. From this they compare the annual cost of energy you are likely to use and you then compare on this cost. They do not give you the actual cost in pence per kWh, standing charge per day or exit fee upfront.
This I believe is a failing but Sam your money is safe and you should get a refund in due course . I'd urge you to reduce the direct debit amount to as near zero as possible to reduce your exposure.
The problem with comparison sites is the savings they quote from the off are your 'out of contract rate'.
The price you would pay if your contract expired.

I've complained to OFCOM several times about this because it is not factual and is very misleading.

You need to compare what you are paying now (price per kWh AND the standing charge which most people ignore) and calculate your annual cost using existing consumption data.
All of this is on your bill, but very few actually do this, they let the Price Comparison site do it all for them.

I switched mine recently and the cheapest price from Uswitch was £1200 more a year for gas and electricity once I had worked out the 'actual' cost.

I went back to my existing supplier (Eon) and asked if they would get near the renewal price they gave 2 months ago (I should have switched then but had loads going on), they split the difference, so I 'only' have a 400 quid increase for the year.

Unfortunately you need to do a bit of work these days to get the best deal.
 

midlifecrisis

Member
Messages
11,104
I would find your own supplier if I were you.
I'm looking round at the big boys but Martin Lewis says do not switch right now. Wait for your money to trickle through then switch.

 

midlifecrisis

Member
Messages
11,104
The problem with comparison sites is the savings they quote from the off are your 'out of contract rate'.
The price you would pay if your contract expired.

I've complained to OFCOM several times about this because it is not factual and is very misleading.

You need to compare what you are paying now (price per kWh AND the standing charge which most people ignore) and calculate your annual cost using existing consumption data.
All of this is on your bill, but very few actually do this, they let the Price Comparison site do it all for them.

I switched mine recently and the cheapest price from Uswitch was £1200 more a year for gas and electricity once I had worked out the 'actual' cost.

I went back to my existing supplier (Eon) and asked if they would get near the renewal price they gave 2 months ago (I should have switched then but had loads going on), they split the difference, so I 'only' have a 400 quid increase for the year.

Unfortunately you need to do a bit of work these days to get the best deal.
Which is what i said above
 

midlifecrisis

Member
Messages
11,104
So if energy prices are going up then surely feed it tariffs should do too.

MLC the super green electricity baron...
 

Scaf

Member
Messages
3,887
If Bulb are needing a bail out, then it's likely they will go down the tubes along with the others.
The Government are not bailing anyone out.

Most of these 'energy' companies are set up by investment houses to play the energy stockmarket, so to speak.
The risk their own money. Sometime they win, sometimes they lose.

If they go bust holding your money you might as well kiss it goodbye as you'll join the rest of the queue of creditors for your 5p in the pound.
What I would do is cancel your direct debit, and that way at least your next bill will be covered by your credit and see what happens.

As a domestic user you can change your supplier at any time. Although now is a shocking time to be buying any energy.
It’s now clear that the credit is safe and the regulator guarantees we get it back, we all pay in the long run though, nothing is for nothing.