Symbio Energy feedback

Stratus

I'm hoping my exit on the 6th October completes as planned.
Surely anyone able to leave penalty free should be looking to do so before the end of the month.
From the notice

The Authority has engaged with Symbio and invited it to explain the reason(s) for its non- payment, and to provide robust assurances to the Authority that it will be in a position to make the necessary payment by the late payment deadline of 31 October 2020. Symbio has failed to provide the Authority with such assurances and accordingly the Authority is satisfied that Symbio is likely to contravene the requirements of the ROO.

UnclaimedEnergy

I'd be very surprised if any bank/investor thinks that they have any long term sustainability.

It would be better for Symbio's owners not to pay the RO bill as this isn't included in any of their debts when they're winding up.

This £1m gets passed onto every other supplier on the market through SoLR. The early bills are probably more likely due to getting money in before they get shut down.

Stratus

Be careful who you jump to. It's not just Symbio. According to OFGEM there appear to be seven suppliers in a similar position:
The seven suppliers are: Co-Operative Energy Limited; Flow Energy Limited; MA Energy Limited; Nabuh Energy Limited; Robin Hood Energy Limited; Symbio Energy Limited; and Tonik Energy Limited.

couriervanman

Just noticed on my customer portal page....Low Fair and Green Variable SE02 v2
on my latest bill/email page.....Low, Fair and Green 12M Renewal 

Talldave

Stratus said:

Be careful who you jump to. It's not just Symbio. According to OFGEM there appear to be seven suppliers in a similar position:
The seven suppliers are: Co-Operative Energy Limited; Flow Energy Limited; MA Energy Limited; Nabuh Energy Limited; Robin Hood Energy Limited; Symbio Energy Limited; and Tonik Energy Limited.

Actually, Symbio have the smallest amount owing of any of those companies, not that that's going to make it any easier for them.  I don't suppose RHE's £12m is ever going to be paid?!

UnclaimedEnergy

The fact that Symbio's is the lowest and they still can't pay is more telling of how bad a situation they've got themselves into by not having enough cash coming in.

The only suppliers you could switch to from that list though is Tonik and Nabuh, neither of which would normally be people's first choice anyway.

Anything that isn't paid will be added to the bills of everyone else. For a medium user of 2,900kWh you're looking at maybe an extra 50p for the year.

Talldave

UnclaimedEnergy said:

The fact that Symbio's is the lowest and they still can't pay is more telling of how bad a situation they've got themselves into by not having enough cash coming in.

The only suppliers you could switch to from that list though is Tonik and Nabuh, neither of which would normally be people's first choice anyway.

Anything that isn't paid will be added to the bills of everyone else. For a medium user of 2,900kWh you're looking at maybe an extra 50p for the year.

You're confident that Tonik have nearly £9m in the bank to cough up?

molerat

According to the national database we are no longer Symbio customers

matelodave

molerat said:

According to the national database we are no longer Symbio customers

Likewise 

UnclaimedEnergy

Talldave said:

You're confident that Tonik have nearly £9m in the bank to cough up?

Um... no.

Tonik and Nabuh are the only other Domestic Suppliers which are actually still currently trading apart from Symbio. None of these suppliers have the money in the bank, hence why they told Ofgem they won't be able to pay these bills.

I think most people should be considering Neon Reef or Green now though if you're looking just at price. (Cheapest are all variable so watch out for the price changes on them)