MSE News: Small energy supplier One Select stops trading - what you need to know

MSE_Andrew
MSE_Andrew Posts: 173 MSE Staff
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One Select, a small supplier with 36,000 domestic customers, has become the latest energy firm to stop trading. If you're affected, your energy supply will continue as normal and any outstanding credit balance you have is protected....
Read the full story:
'Small energy supplier One Select stops trading - what you need to know'
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Comments

  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    And another one bites the dust. I think I was right to stay Big Six when my fix ended. Who's next I wonder?
  • brewerdave
    brewerdave Posts: 8,507 Forumite
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    Their website is still live - so I suggest anyone who was with them, makes screen grabs or downloads any information that is available.
  • D_M_E
    D_M_E Posts: 3,008 Forumite
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    Take a meter reading ready for when the new supplier contacts you yes, but read the meter(s) every day and keep a record of the reading(s), you never know when or what day they will require the reading(s) for.
  • VT82
    VT82 Posts: 1,079 Forumite
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    wavelets wrote: »



    Ofgem says: “We have seen a number of supplier failures this year and our safety net procedures are working as they should to protect customers.”


    We say: Shame your vetting procedures before granting licenses have clearly been a dismal failure.


    Ofgem says: "Ofgem's priority is to make a positive difference for consumers by promoting competition in the energy markets and regulating networks."


    We say: Your 'all competition is good competition' mantra has led to the very opposite of a positive difference to hundreds of thousands of customers. Slow hand clap.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    edited 10 December 2018 at 4:08PM
    VT82 wrote: »
    Ofgem says: "Ofgem's priority is to make a positive difference for consumers by promoting competition in the energy markets and regulating networks."


    We say: Your 'all competition is good competition' mantra has led to the very opposite of a positive difference to hundreds of thousands of customers. Slow hand clap.

    In fact it's the competition model which results in lower prices. The opposite of competition is fixed prices across all suppliers. However some energy suppliers have commented that Ofgem's default tariff cap is anti-competition because it is enforced and not voluntary.

    This is for example SSE's response to Ofgem's solicitation of responses on the cap:
    “SSE supports the development of a healthy, well-functioning competitive energy supply market and continues to believe that competition, not caps, best serves the long term interests of customers. Nevertheless, we will continue to engage fully with Ofgem to ensure that the default tariff cap is as fair and robust as possible.”
    http://sse.com/newsandviews/allarticles/2018/09/sse-comments-on-the-default-tariff-cap-statutory-consultation/

    However it does appear that comparison sites are pretty much out of touch with the plight of smaller suppliers. Rather incredibly, ClearScore in conjunction with Energy Helpline has this to say about smaller energy suppliers:
    They’re just as trustworthy and reliable
    https://clearscore.com/savings/smaller-energy-suppliers?utm_campaign=eml_oo_learn_green_small_energy_2018_12_10&utm_source=blueshift&utm_medium=email&bsft_clkid=91caf893-aa4e-48a2-99c5-86c52c9e36a3&bsft_uid=c22071fc-0e64-4804-b467-d02b689505fc&bsft_mid=0c5385a1-df43-4db5-ad11-a4129bcc172c&bsft_eid=7b9405ad-bc9b-28cc-f23e-5399ff9ce6b0

    What we really need instead of unreasonably demanding action from Ofgem is for comparison sites to approach their work more responsibly instead of just considering the commission they get!
  • antrobus
    antrobus Posts: 17,386 Forumite
    Not a real surprise. Their Dutch owners went bust recently.
  • VT82
    VT82 Posts: 1,079 Forumite
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    Anthorn wrote: »
    What we really need instead of unreasonably demanding action from Ofgem is for comparison sites to approach their work more responsibly instead of just considering the commission they get!
    I don't agree. Ofgem is the regulator. MSE's cheap energy club goes above and beyond by giving warnings about customer service issues, length of time companies have been trading, number of customers etc., but I don't think it should be mandatory, and if the regulator says they're licensed, the comparison website should show them and then it's buyer beware. It's not up to the comparison websites to be judge, jury and executioner. They would take their own commercial interests into account when deciding who to green light (a nice way of saying effectively be bribed), whereas the regulator should be neutral by law.


    Competition is good and can keep prices down, but not at any cost, when the annoyance factor of having to deal with your supplier going bust is quite significant. The regulator for the banks is much more proactive, possibly too harsh, in resolving financial institutions before they could get anywhere near failing. Ofgem is still much too far the other way, completely toothless, and should not be trying to spin this story as 'Ofgem saves the day again!'.
  • matelodave
    matelodave Posts: 8,606 Forumite
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    Its always the same, it's the bloke who puts out the fire that gets all the kudos, not the one who prevented one starting in the first place.

    Ofgem should be ogansing themselves and the suppliers to try an prevent it happening rather than praising themselves for sorting out the mess.

    TBH it wouldn't surprise me if Eversmart isn't the next one to go, probably around Xmas Eve
    Never under estimate the power of stupid people in large numbers
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    VT82 wrote: »
    I don't agree. Ofgem is the regulator. MSE's cheap energy club goes above and beyond by giving warnings about customer service issues, length of time companies have been trading, number of customers etc., but I don't think it should be mandatory, and if the regulator says they're licensed, the comparison website should show them and then it's buyer beware. It's not up to the comparison websites to be judge, jury and executioner. They would take their own commercial interests into account when deciding who to green light (a nice way of saying effectively be bribed), whereas the regulator should be neutral by law.

    So a comparison website company which knows that an energy company is about to go under should still list it? I don't agree with that. However in doing so the comparison site is shooting themselves in the foot because they are unlikely to get commission from a company which has gone under.

    No-one makes a comparison web site out of the goodness of their heart so they should shoulder some of the responsibility!
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