GB Energy No Longer Trading

System

The notice has changed since this morning. I suspect that OFGEM didn't like the reference to Supplier of Last Resort.

The first sentence of the OFGEM guidance is quite telling. It is time that OFGEM did proper due diligence before issuing a Supply Licence. GB is not the first to go bust, and I suspect that it won't be the last. The Big 6 could no doubt see this coming.

veryintrigued

Website update:

Dear Customer,
It is with regret that we are informing you that GB Energy Supply is no longer trading and therefore you will be unable to access our website at this time.
Due to swift and significant increases in energy prices over recent months and, as a small supplier our inability to forward buy energy to allow us to access the best possible wholesale prices, means that the position of the business has become untenable and as such we will now be entering a process overseen by Ofgem to move you to a new supplier.
Customers will be contacted soon by their new supplier with more information on how this process will affect them.
More information is available on the Ofgem website at: https://www.ofgem.gov.uk/ofgem-safety-net
During this process, all customer contracts will be honoured, so please rest assured that your supply will not be affected.
We understand that customers will want to contact our call centre to discuss this, however we request that you refrain from doing so at this time and instead wait until we contact you with further information.
Yours sincerely
Luke Watson
Managing Director

Whats everyones thoughts?

My last DD was taken on the 17/11/16.

Dird

sillygoose wrote: »

But that doesn't explain the zero customer service recently so more likely gone bust it has.

It also doesn't explain why a web-based company would fire their web team if not bust :P

thozza

Second time that this has happened to me, in 2004 Atlantic Electric & Gas Ltd went into administration and was taken over by SSE.

This is a note from OFGEM at the time:

https://www.ofgem.gov.uk/ofgem-publications/37715/mergersandaquisitions-16.pdf

Not sure if someone will step in and take over all GB accounts, or if we will be 'redistributed' to a number of suppliers?

Andyph

Been trying to get hold of them for over 10 days to get a refund on £140 credit. Shame as they are the cheapest company i have been with....

So we now just have to wait and see who takes over i presume? Also going to cancel my Direct debit as don't want anymore money going to them

poppellerant

An energy firm with 160,000 customers has ceased trading, blaming recent rises in energy prices.

In a statement, GB Energy Supply said that as a "small supplier" business had "become untenable", but assured people their supply would not be affected.

Ofgem said it would appoint a new supplier and stressed that outstanding credit balances were protected.

The energy regulator advised customers to take a meter reading and wait until their new supplier contacted them.

In a letter to customers on the GB Energy Supply website, managing director Luke Watson said: "Due to swift and significant increases in energy prices over recent months and, as a small supplier our inability to forward buy energy to allow us to access the best possible wholesale prices, means that the position of the business has become untenable."

Citizens Advice has assured customers of the Preston-based company not to worry.

"This shouldn't affect their gas and electricity supply so they'll still be able to heat and light their home as normal," said director of energy, Victoria MacGregor.

"The energy regulator Ofgem is finding a new supplier for GB Energy Supply customers. The new supplier will contact customers in due course."

Customers can find more information on the Ofgem website.

GB Energy Supply ceases trading after wholesale price rises - BBC News

wintermute01

Well this is annoying as I only switched to them last month!

I guess I just need to take my meter readings and wait for Ofgem to switch me. My understanding is the new contract will almost certainly be more expensive but you can switch again straight away with no penalties. Hopefully there isn't too much of a financial cost to the consumer with all this. Just more annoyed about the added hassle.

sd99

My DD is due on the 1st - presumably I should cancel now? Ofcom doesn't advise (not that I can see)

mparter

I cancelled mine. I'm hundreds of £ in credit so they can take what I owe them out of that. Not paying out more money to a bankrupt company!

slatz

Cancelled my DD.

"Outstanding credit balances protected" is a bit woolly.

My reading of it is the new "DEEMED" supplier (Acknowledged by OFGEN as more expensive than standard) will use this credit against your new expensive supply.