MSE News: Energy firm Iresa ceases trading - here's what it means for customers

brewerdave

Matt_OX4 wrote: »

This is what I believed to be the case as well, thanks for digging out the quote from OFGEM.

Apologies, you are correct -I'm very surprised that Octopus have taken on these credit repayments to ex customers of IRESA

I presume that they will claim these payments back from either the administrators or OFGEM in due course. HOWEVER, being cynical, I suspect that sorting these repayments out is the lowest priority for Octopus as there is absolutely nothing in it for them as a Company.

beardiedog

Well, my switch to Bulb completes on the 11th.

Octopus owe me £145, less what I've used since 1st August. Bulb say I should get my final bill and credit balance refund from Octopus by 23rd October. We'll see.

I can't help thinking that Octopus have missed a huge trick here by moving Iresa customers on to their standard tariff. I don't know how many they will retain but I can't see it being very many of the 90 thousand.

Maybe I'm being simplistic, but to my way of thinking, if they had created a special tariff or even kept us on the same tariff until renewal time, I'm sure many more will have stayed and not switched away at this extremely busy time for them. I understand their existing customers may not have been happy about this, however.

All credit to them, though, for taking on such a task but I can't see that they're gaining a lot from it unless they're getting a lump sum payment from Ofgem or the Iresa administrators for their involvement.

AdrianC

beardiedog wrote: »

Maybe I'm being simplistic, but to my way of thinking, if they had created a special tariff or even kept us on the same tariff until renewal time, I'm sure many more will have stayed and not switched away at this extremely busy time for them. I understand their existing customers may not have been happy about this, however.

Slightly more to do with the fact that the Iresa tariff was simply not profitable.

No point in taking on a shedload of customers if they're not sustainably profitable.

beardiedog

AdrianC wrote: »

Slightly more to do with the fact that the Iresa tariff was simply not profitable.

No point in taking on a shedload of customers if they're not sustainably profitable.

I know, perhaps not, but if they had introduced a special tariff I reckon they could have gained a small profit from ~90 thousand new customers with the likelihood that they would remain for a while rather than a better profit from say ~10 thousand.

matelodave

When the Co-op took over after GB Energy went bust, they kept them on the same GB tariff until it expired and I'm sure they would kept a lot of those customers after that rather than the mass exodus that Octopus is presently faced with.

It' can't be everso easy to take on 90k customers and then lose a fair proportion of them just 6-8 weeks later.

My switch to Eversmart should complete on 10th Sept and hopefully I'll get around £25 back from Octopus in a few weeks.

Had Octopus only been around £50 more I wouldn't have bothered but £220 extra was just too much however good their service might be.

beardiedog

matelodave wrote: »

When the Co-op took over after GB Energy went bust, they kept them on the same GB tariff until it expired and I'm sure they would kept a lot of those customers after that rather than the mass exodus that Octopus is presently faced with.

It' can't be everso easy to take on 90k customers and then lose a fair proportion of them just 6-8 weeks later.

My switch to Eversmart should complete on 10th Sept and hopefully I'll get around £25 back from Octopus in a few weeks.

Had Octopus only been around £50 more I wouldn't have bothered but £220 extra was just too much however good their service might be.

Good on the Co-op, it makes good business sense to me.

Octopus have created a lot of work for themselves for very little return as far as I can see.

Alias_Omega

Well....


Im nearly transferred to Yorkshire Energy.

I have disputed my final bill, it was £13 in credit and the Gas Meter reading was 200m3 over what it is now, therefore they've come back with a nice round figure of £60 without any form of updated bill...

Still, that was rejected...as im still waiting on this nice formal final updated bill...


Maybe ill transfer to Yorkshire, and ill still be dealing with Octopus... #poor

brewerdave

beardiedog wrote: »

Good on the Co-op, it makes good business sense to me.

Octopus have created a lot of work for themselves for very little return as far as I can see.

I agree - I've just had an email from the leccy supplier I'm switching to, asking for meter readings - so hopefully I'll be away from Octopus shortly. Quick fag packet calc. suggests I'll owe them ~ £60 - but I'll wait for a fully detailed final bill from them before paying:)
Can't see them making much profit out of my ~ 7 weeks leccy supply with them, whereas if they had offered me a decent fixed tariff ( between Iresa's Flex 5 and Octopus SVR) I would have stayed with them until my gas deal runs out next year.

Boatymike

Anyone else heard from octopus?
I changed to one select on the 21st Aug, they took over my energy supply on the 5th of September.
I’ve not heard anything from octopus since the welcome email on the 21st of August.
I’m guessing they will be in touch when they want some money..

AdrianC

I've had DD emails from them.