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

masonic

Wecome email received from Together Energy stating "We will be in touch between now and the end of January to discuss your account."

System

masonic wrote: »

The effective date of appointment has been communicated in the press release and FAQ. The SoLR takes over the supply from the effective date of appointment and this coincides with the date the failed supplier's licence is revoked. So a definitive answer about energy used prior to this can be given. There is currently uncertainty around the charges to be applied from today onward.

I would be inclined to think of an SoLR transfer as being nothing more than a switch initiated by Ofgem. There is a process already in place to agree opening and closing readings:

https://octopus.energy/blog/secret-life-opening-meter-reading/

If either the Receiver or the consumer disagrees with the transfer (opening readings with the SoLR) then I would have thought that the Agreed Readings Dispute Procedure will be used to resolve any discrepancies. However, for this to kick in, the readings have to be outside of these parameters:

The difference between the original reading and the new, estimated reading must be more than:

1200kWhs (39 units for imperial, 109 units for metric) for gas

250kWhs for electricity

A word of caution based on previous supplier failures. It is possible when a consumer has failed to supply regular meter readings for the industry estimate to be out by a lot. It is worth sitting on one's hands for a moment before contacting the SoLR. Firstly, ARDs can take a few weeks to resolve (more so I suspect if a Receiver is involved) and, secondly, overpaying the failed supplier can actually save money. For example, if the gas reading was, say, 150 cubic metres higher than what is showing on the meter, then by accepting this error the consumer will only pay the SoLR a daily standing charge until the meter reading exceeds the agreed transfer/opening reading.

Hoof_Hearted

Just for information, Together Energy are the worst, most incompetent energy company I have ever dealt with. Good luck to all those being moved.

brewerdave

masonic wrote: »

Wecome email received from Together Energy stating "We will be in touch between now and the end of January to discuss your account."

So ,allowing for the time to set up a switch away from them, we could be stuck on a uncompetitive tariff for over 2 months - a tariff which they aren't yet prepared to tell us about yet!!:(

masonic

Hengus wrote: »

I would be inclined to think of an SoLR transfer as being nothing more than a switch initiated by Ofgem. There is a process already in place to agree opening and closing readings:

https://octopus.energy/blog/secret-life-opening-meter-reading/

If either the Receiver or the consumer disagrees with the transfer (opening readings with the SoLR) then I would have thought that the Agreed Readings Dispute Procedure will be used to resolve any discrepancies. However, for this to kick in, the readings have to be outside of these parameters:

The difference between the original reading and the new, estimated reading must be more than:

1200kWhs (39 units for imperial, 109 units for metric) for gas

250kWhs for electricity

A word of caution based on previous supplier failures. It is possible when a consumer has failed to supply regular meter readings for the industry estimate to be out by a lot. It is worth sitting on one's hands for a moment before contacting the SoLR. Firstly, ARDs can take a few weeks to resolve (more so I suspect if a Receiver is involved) and, secondly, overpaying the failed supplier can actually save money. For example, if the gas reading was, say, 150 cubic metres higher than what is showing on the meter, then by accepting this error the consumer will only pay the SoLR a daily standing charge until the meter reading exceeds the agreed transfer/opening reading.

That's useful information, thanks. And yes, my One Select tariff is considerably cheaper than the best available anywhere today, and Together's most competitive tariff is a lot worse than that. Unfortunately a meter reader took a reading on 1st December, so any estimate is likely to be an underestimate if based on usage prior to that date.

masonic

brewerdave wrote: »

So ,allowing for the time to set up a switch away from them, we could be stuck on a uncompetitive tariff for over 2 months - a tariff which they aren't yet prepared to tell us about yet!!:(

Hopefully they will be quicker than that, but it isn't good news. It may be the case that customers will be processed in batches with some being luckier than others.

PenryP

Not surprisingly Together Energy's telephone mailbox is full, i'm not sure how they could cope with so may more customers in a day. Hopefully they'll release tariff information soon for their newly aquired customers.



I've just been through the "get a quote" on their site, to get an impression of what it's likely to cost, and it seems my daily approx £3.40 fuel spend with OneSelect (Secure Spring 2018 (SWEB region)) , is likely to become £4.35 a day with Together's offered tarriff on their site. (strangely wasn't offered the option of fixed after entering the details, they were all slightly more expensive).



So unless they honour OneSelects fixed rates (which is highly unlikely) - I'm currently about a quid a day down until i switch to anyone cheaper ! (not that any offer anything like the OneSelects fixed rate, but i believe i could half the difference)

System

brewerdave wrote: »

2. OFGEM SHOULD (in my opinion) take responsibility for ensuring that the businesses that they issue licenses to ,are fit and proper businesses. And from the looks of various pronouncements lately, OFGEM themselves realise that!

Fine words - but how exactly? Spark Energy traded for about 11 years before it failed. Iresa traded for well over 2 years. If Ofgem starts imposing stress tests etc on existing suppliers then this will require an army of staff that consumers will have to pay for in the form of higher energy costs. Yes, more checks are needed at start up but I suspect that little will change. If consumers want to pay the lowest prices, then they have to accept the associated risk of supplier failure. I doubt that Ofgem gave a moment's thought to the Perfect Storm that suppliers now find themselves in: capped prices in a rising cost market.

brewerdave

masonic wrote: »

Wecome email received from Together Energy stating "We will be in touch between now and the end of January to discuss your account."

Just re-reading the email, Together intend to "set up a new DD and cancel the old one" in 3 days -then promise to "only take the DD on or around the date agreed with OneSelect" - well, that could mean them taking monies before Xmas from my account.

Not happy with this especially as they haven't given any dates for supplying the tariff data or setting up an account. I'll probably cancel the DD with the Bank if they attempt to take it prior to Xmas with no further contact.

Rawcopy

I joined One Select back in August 2017 after using the MSE sites Cheap Energy Club. They were OK, although when I refused a cheeky rise in tariff, they immediately backed down… and then went bust two months later. It’s all my fault ;-)

I checked the Cheap Energy Club site today to research new tariffs and wondered when caretaker provider Together Energy would show up in the listings. I kept clicking for more results and lo, there they are in 72nd place. I got a quote from the company web site too and it’s the same rubbish deal although you can opt for one year at the same tariff but it’s a £60 exit fee (£30 per fuel).

I have to say, given the mass of competition out there, surely Ofgem could have led by example and chosen the cheapest supplier for this transition, to encourage the others?

Incidentally, you can still access the One Select dashboard. I logged in and submitted readings today. I don’t know if this information will be used, but it’s done now and I’m keeping photos of the readings to be on the safe side.

One last thing, today on BBC Radio Four’s Money Box (I can't include a link as I'm a new poster, sorry), customers were advised not to switch before the transition is complete. Apparently it makes it less messy for dealing with any credits with One Select that you may have. So I’m waiting but it looks like Utility Point Up Energy Saver will be my next supplier, although the French girl from Octopus who visited the other week made a very attractive case for choosing a renewable option. Ooh la la.