MSE News: Spark Energy ceases trading - here's what you need to know

MSE_Andrew

Spark Energy, a small supplier with nearly 300,000 domestic customers, has become the latest energy firm to stop trading. But if you're a customer, your energy supply will continue as normal, and any outstanding credit balance you have is protected...

Read the full story:
'Spark Energy ceases trading - here's what you need to know'

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brewerdave

:eek:..............another one bites the dust,and another one.......

System

This is really getting silly. I am not a fan of public inquiries but it really is time for an independent body to take a hard look at the UK domestic energy sector, and the role of Ofgem and its licensing policies. I suspect that Spark will not be the last domino to fall this year.

Clearly, Ofgem’s soon to be introduced business due diligence would have no impact on this supplier’s fitness to trade

Quote: Spark was founded in 2007, has a turnover of more than £200 million and also has around 15,000 broadband and telecoms customers. Unquote

Be_Happy

2.36 pm today, the Spark Energy rep was posting normally on another thread with no mention of trading collapse.

If this news broke before any warning to staff, it's pretty nasty.

joe134

This is certainly going to have an impact on people like myself, who has been looking at switching soon
.I am with Scottish Power, 20 years now,and they are dearer than all the small companies by about £120.
However, since I have been reviewing the small companies, and big, there have been 5 ,now six today,gone bust, and without a doubt more to come if Oftm don’t make it seven soon !
I am starting to wonder if switching is worth the hassle, a hundred pounds is a lot of money to save,for most people , but peace of mind to me is worth more .
The market is now as bad as it was when there was only the big boys ruling the roost.
It is getting silly now, Ofgem say they are setting stricter rules for newcomers to the market, I think they should now stop all small companies setting up until all the small ones now trading are stress tested first.

System

Be_Happy wrote: »

2.36 pm today, the Spark Energy rep was posting normally on another thread with no mention of trading collapse.

If this news broke before any warning to staff, it's pretty nasty.

It’s only the domestic side of the ‘business’ that has gone under:

Quote: Spark is a group of companies which was set up over ten years ago to provide a range of services including energy, broadband and home move assistance.

The part of our group which supplies gas and electricity to homes across the country - Spark Energy Supply Limited – will be unable to continue supplying customers due to increasingly tough trading conditions in the energy industry. Unquote

Sadly, we will all be paying for this failure which with a £200M turnover could be significant.

Tim11111000111

Good riddance. I'm not entirely sure what their business model was, but they seemed to have some agreement with my letting agent such that the letting agent switched the house's supplier to Spark prior to the start of my tenancy. Spark were completely useless at setting up an account for me, and hideously expensive. Naturally I switched immediately - a process which Spark again managed to mess up spectacularly.

matelodave

If you add up all the collapsed energy firms that's around half a million customers this year already.

Just waiting for Eversmart to follow them.

System

I see that the Press is now reporting that the merger between SSE and NPower may not go ahead as a result of the Default Tariff Cap. The two companies are renegotiating merger terms.

https://www.theguardian.com/business/2018/nov/14/sse-npower-merger-at-risk-over-price-cap-and-lost-customers

joe134

matelodave wrote: »

If you add up all the collapsed energy firms that's around half a million customers this year already.

Just waiting for Eversmart to follow them.

BG said they have lost a million customers during the last twelve months ?
You would think they, and the other big six would up thier anti, and try winning them back
They are in a position to buy cheaper than the small boys, so why sell it dearer?
CS is a factor too.
Everyone will be wondering, who next ?:eek:
Is it me?

D_M_E

This should stop lettings agents from giving supplies to Spark - how are they going to recoup/replace the bungs they got from Spark?