Economy Energy stops trading - MSE News

Popppet

Hi All,

The only reason I even know is that EE has gone bust is because of MSE. I've never had any announcement from EE or OFGEM or anyone else, and notably no email or letter about my final bill, which I need to have to get my refund from OVO.

By coincidence, I started a switch from EE to Bulb the day before the announcement of them stopping trading. My first meter reading to Bulb was on 25 Jan and they confirmed to me on 7 Feb that "my old supplier" had received it. I've logged into the EE account a few times since then but there was no change.

When the switch was complete, Bulb's (standard template) email said how many weeks it should take for my final bill to arrive. The date was ages ago now, so I was growing concerned. After reading this thread and seeing that some people had been refunded, I decided to log in again, and, hey presto, my 25 Jan meter reading has now appeared in my EE account, along with an account "statement" dated the same day. It's not a bill and doesn't mention it's final. And it's backdated to 25 Jan but definitely only appeared recently. Nonetheless I'm going to treat it as my final bill and get in touch with OVO.

So, if anyone else has been waiting for a final bill, check your old account because they may have sneaked it in when you weren't looking.

As an aside, even though I've already received my cashback from the cheap energy club, it's still showing the switch as "in progress" so i can't do another comparison. What's the "OVO" switch doing for you?

Sku11

This arrived yesterday and is my first official contact from Economy Energy since I started moving from them in Sept 18

Anyone else been kept in the dark ?

Economy Energy - Customer Update
Economy Energy <no-reply@economyenergy.co.uk>
Thu 25/04/2019 14:17


Dear Customer

As I am sure you are aware, Economy Energy Trading Limited was placed into administration on 14 January 2019.

We are writing to provide you with an update on the administration and the process of preparing final bills.

Why am I receiving this email?
We appreciate that it has been a number of weeks since the administration of Economy Energy and that some customers may be wondering what is happening.

As we are hoping to start sending final bills to customers shortly, we thought it would be useful for customers to receive some updated information ahead of this.

Please do not attempt to contact Economy Energy or the administrators just yet. We are working to produce the final bills and will communicate contact details for a dedicated customer liaison team in the next few weeks.

What have the administrators been doing since their appointment?
Since the administrators were appointed, our team have been working very closely with employees at Economy Energy and OVO (the Supplier of Last Resort “SOLR”) to work towards reconciling customer accounts and producing final bills for all customers. This is a complex and ongoing process and largely depends on agreeing customer meter readings with OVO and processing that information through the Economy Energy systems. Despite the difficult circumstances, we feel it is important that we approach this in an orderly manner and agree the position with OVO so that meter readings for both your old bills and your new bills match, and that you are paying the right amount for your gas and/or electricity both on your final Economy Energy account and going forward with OVO.

As part of the SOLR process OVO took on responsibility for the ongoing supply of your fuel from 12 January 2019.

The billing process has started and we expect it to take a number of months to complete as there are over 120,000 fuel accounts that need to be worked on.

Will I receive a bill from the administrators?
This depends on whether you have paid for all of the gas and/or electricity that you used during the period you were supplied by Economy Energy.

If you have paid more money via your direct debit payments than the amount of gas and/or electricity that you have consumed up to 12 January 2019, then you will have a credit position on your account and all credit amounts owed to you will be repaid by OVO as agreed between Ofgem and OVO in the SOLR process. A copy of your final bill will be uploaded to My Account via the Economy Energy website where you will be able to view your final bill. This information will also be shared with OVO, once available.

If you have not paid enough money via your direct debit payments for the gas and/or electricity consumed up to 12 January 2019, then we will be in touch to let you know that a payment is due to Economy Energy and we will advise you how you can pay this amount.

When will I receive a bill?
The process is going to take a number of months to complete but we hope to have some customers’ final bills ready to upload to My Account within the next few weeks.

You will be notified by email once your final bill is ready to view. If we do not hold an email address for you, then you are likely to receive notification by SMS or post.

Economy Energy has continued to collect my direct debit payments. What is happening with these?
As agreed between Ofgem, OVO and the administrators, customer direct debits have continued to be collected in the administration. In the background, OVO has been arranging for all direct debits to be switched to OVO and this completed on 18 March 2019.

If you owe money to Economy Energy, then the direct debit payments collected up to 18 March 2019 will be allocated against your debt balance.

If the direct debit payments have increased (or created) a credit balance on your account, then the credit will be added to your new OVO account.

Whilst work is underway to produce final bills, please wait for your bill to be uploaded to your My Account section of the website before contacting OVO for a refund.

What if I left Economy Energy before the SOLR process?
If you have received a final bill and have a credit balance, information about your account has been provided to OVO. You are welcome to contact OVO to discuss a refund of any amounts owed to you.

If you have received a final bill and have a debit balance, we will be in contact with you shortly to confirm how to pay the balance owed.

If you have not yet received a final bill, then once we have produced a final bill, we will notify you that this is available on My Account. In exactly the same way as set out above for ongoing customers, the process would be:

- If you have a credit owed to you at the date your supply was switched, details will be passed to OVO. You are welcome to contact OVO but they will not be able to confirm your credit balance until your account has been finalised by Economy Energy

- If you owed a balance at the date your supply was switched from Economy Energy, we will be in touch to confirm how to pay your balance

More information from OVO can be found at the following website, including how to get in touch with them:

https://www.ovoenergy.com/economy-energy

What should I do next?
No further action is required from you at the moment.

Please wait for us to get in touch with further details. When we send out final bills, we will have a customer telephone number up and running to deal with customer queries.

Further Information
Further information can be found by clicking on the following links:

https://www.ofgem.gov.uk/publications-and-updates/economy-energy-customers-your-questions-new-supplier-ovo-energy

https://www.ovoenergy.com/economy-energy

Thank you for your continued patience and we will be in touch again shortly.

Kind regards
For and on behalf of
Economy Energy Trading Limited – in administration

The affairs, business and property of Economy Energy Trading Limited are being managed by Eddie Williams, Jon Roden and Stuart Preston, appointed as joint administrators on 14 January 2019. The joint administrators act as agents of the Company and without personal liability. Eddie Williams and Jon Roden are authorised by the Institute of Chartered Accountants in England and Wales to act as an insolvency practitioners and Stuart Preston is authorised by the Insolvency Practitioners Association to act as insolvency practitioner.

Copyright © 2019 Economy Energy, All rights reserved.
You are receiving this email because you were a customer of Economy Energy

Our mailing address is:
Economy Energy
Friars House
Manor House Drive
Coventry, CV1 2TE
United Kingdom

Consumerist

Sku11 wrote: »

This arrived yesterday and is my first official contact from Economy Energy since I started moving from them in Sept 18
Anyone else been kept in the dark ?

Ofgem, Ovo, administrators, customers. . .

235,000 customers are not going to be transferred to Ovo overnight. I don't suppose the (reportedly) inflated consumption figures on Economy Energy's customer accounts has helped speed things along, either.

Thanks for sharing.

Sterlingtimes

I would speculate that there is a three-way discussion going on between Economy Energy's administrators, Ovo and OFGEM. Presumably, Ovo offer to become the Supply of Last Resort entailed some sort of evaluation of the financial position at that time.

Anyway, Ovo has confirmed to me that it will not chase my payments due to Ovo for the next month. If after the month, Economy has not produced its final statement then Ovo will review the position.

Economy suggests that the final bill may be made available between a few weeks and many months.

wrinx

OVO are saying we're three months in arrears yet I did as instructed and let the D/D stand and three payments were taken by EE (or someone acting on heir behalf!).


Will be phoning them tomorrow...:mad:


wrinx

Lifes_Grand_Plan

It seems that I now have my final bill for Gas but still waiting for Electricity. My complaint to Ofgem received the usual cut and paste "we're doing X Y and Z, we're so amazing" response.

Mr.Everready

I received my contract from OVO yesterday ( I left them at the end of March ). Despite all they said, they say my contract date/supply switch over date/electricity agreement is 29th January !

mrochester

Mr.Everready wrote: »

I received my contract from OVO yesterday ( I left them at the end of March ). Despite all they said, they say my contract date/supply switch over date/electricity agreement is 29th January !

I got this information from Ovo.

There’s a one-off quirk about your first bill - it’s happened because we had to take over your energy supply before we could create your account in our system that handles your bills.

We officially started supplying your energy on the 12th of January, but you'll see a later supply start date included in your welcome pack and any other communication from us.

This means on your first bill from us, your meter reading and energy charges will begin from the date included in your welcome pack – but the bill will also include the charges for the energy you’ve used since 12th January. For the same reason, standing charges between the 12th of January and your welcome pack start date will be added to your bill as an additional amount.

We hope you’ll understand this is simply down to the short amount of time we were given to take over from Economy Energy – your following bills will be back to normal.

Mr.Everready

I suppose that makes sense.


It's now a month since I sent OVO proof of my actual start meter readings. They still hav't updated my account. Indeed the gas is not even there anymore !


Emailed to me on 6th April

Thank you for your email.

Based on the readings you have given us it does look as if the reading we were given to open your account to is not accurate.

I have passed this information onto out Agreed Reads team who will either amend the reading or credit you the difference on the first bill to make sure you aren’t billed twice for the energy you've used.

They will be in contact in the next 10 working days with the next steps.

I hope this has been of some assistance to you.

Sterlingtimes

Again, Ovo told me that it estimates the 12 January reading based upon the customer provided 29 January reading. Their estimate is categoric unless it falls far outside the normally permitted deviation.

Therefore Ovo prefers to pretend readings to real readings. It would be funny if the Ovo the accountant's pretend readings increased Ovo's bills.