Yorkshire Energy - Electricity

Haarlem

I moved to Yorkshire Energy in August 2018. I was aware they took my monthly payment in advance this was set at £51. My actual useage did mean I built up a credit balance. In April 2019 they refused a request to reduce the monthly payment, even though I had built up a £60 credit at the end of the winter period
Reviewing the best deal for me is still YE. I contacted them and after some negotiation they agreed £42 a month. My credit balance at the end of the contract was £50, but they want to keep this saying "Good for me to have a large credit balance going into the winter."
I see their model as having a large credit balance to fund their business. I estimate my credit balance will average over£100 over the coming months. I am concerned if they go out of business I will loose what to me is a substantial amount.
Anyone else having this experience with YE, and having concerns?

Robin9

Haarlem wrote: »

......................., even though I had built up a £60 credit at the end of the winter period...............

£60 is quite low really - many suppliers would like you to be at least a month in credit.

Are you up to date with supplying YE with your readings ?

JJ_Egan

I prefer to have a credit balance for A the winter months and B means no worrys about owing .


In no way do i believe that <I see their model as having a large credit balance to fund their business>

Is in any way true as many of their customers will not have a large credit balance .

spot1034

You are protected in the event of a company going out of business and will not lose any credit balance. However from what I can see (and my early experience as a pending customer - I signed up to them over the weekend) is that they are well run and there are many other suppliers who are far more likely to go under than YE.

Haarlem

spot1034 wrote: »

You are protected in the event of a company going out of business and will not lose any credit balance. However from what I can see (and my early experience as a pending customer - I signed up to them over the weekend) is that they are well run and there are many other suppliers who are far more likely to go under than YE.

If a supplier goes out of business OFGEM move you to another supplier. As I understand the arrangements from a recent "Money Box" programme this could be one with uncompetitive high charges. The programme highlighted that you cannot move until you have cleared any outstanding balances, or used credits against this OFGEM tariff. Do you have any links that repudiates this?

spot1034

Haarlem wrote: »

If a supplier goes out of business OFGEM move you to another supplier. As I understand the arrangements from a recent "Money Box" programme this could be one with uncompetitive high charges. The programme highlighted that you cannot move until you have cleared any outstanding balances, or used credits against this OFGEM tariff. Do you have any links that repudiates this?

I think what you have said is correct, and of-course it would be possible to lose a sum of £50 over time in those specific circumstances if there were to be a significant delay in moving off a tariff which is markedly higher that that which the user was previously on.



Anyone who is of a cautious disposition who genuinely worries about such a scenario should therefore perhaps stick with suppliers who they believe to be least likely to go out of business, and bearing in mind that nothing in life is absolutely certain, let's hope their judgement proves to be correct.

WRW

On the CheapEnergyClub pages, Yorkshire Energy's customer rating shows "not enough feedback", so I want to provide some - I hope this is the right place. I've found them very good to deal with.:T I've changed suppliers regularly for best price, and am about to change again, but must say I've had zero problems with YE and their website is one of the best I've seen. Entering readings* is easy and clear: the reminder emails are timely and polite, the previous reading is shown so that you have a "sanity check", and the update to your balance is given immediately, not days later. In short I've found nothing not to like.
[*Note - A Smart Meter didn't work in my thick-walled old house and I'm awaiting a second-gen one. YE aren't doing any till next year.]

Haarlem

I started this thread as I found YE want me to keep a relatively high credit balance even at the height of winter. I have been with them for twelve months and have renewed.

I found it takes seven days to get a reply to emails and those dealing with queries have to put decisions up the line if the answer is not in line with a script.

I am nervous at the large balance I have with them, but as someone quoted above maybe they are not for me if I worry about going out of business. For the time being I am keeping my fingers crossed.

RobertRV

Hi I have had a fixed price deal for 11 months now. We had built up a credit of over £100 and I could see that we would end up over £200 in credit at the end of the term. I phoned them up and negotiated a refund of the credit amount. It is most likely that I will take out a new fixed term contract with YE but I am still checking the market.


Cheers Robert

Haarlem

EnergyTwist wrote: »

https://www.moneysavingexpert.com/utilities/lower-energy-direct-debits/
(a similar condition exists within the electricity supply licence)

HTH

Thank you for the links. It does confirm that Yorkshire Energy's business model is to fund its operations with customers having a high credit balance all year. Their tariffs are very competitive so you have to live with it if you want to take advantage of lower prices.

spot1034

Haarlem wrote: »

Thank you for the links. It does confirm that Yorkshire Energy's business model is to fund its operations with customers having a high credit balance all year. Their tariffs are very competitive so you have to live with it if you want to take advantage of lower prices.

However the figures you've quoted really are pretty low.