Neon Reef - any views?

dbks

BUFF said:

dbks said:

BUFF said:

Deleted_User said:

Neon Reef must be the poison chalice. Ofgem usually like to announce these things late afternoon, so they can go home before the excrement hits the extractor, and spoil everyone’s evening. Allegedly. 

Tbh the customer profile for NR customers probably isn't attractive to other suppliers - I imagine that we are all savvy skinflints & very willing to jump to another supplier to save money so unlikely to stick around once things go back to normal. & in the meantime they would be making a loss on every one on the SVR ...

Do you really think so?
Based on the numerous posts by others in this very thread???

Haven't all the savvy skinflints already signed up to BG Zero Fixed Oct 2022 ?

Only time will tell if that was savvy or chasing fool's gold ... :P

How much time do you think will be needed?

Let us not forget @Gerry1 may not have been the first to apparently declare they had signed to to the BG Zero Fixed Oct 2022, but I think he was the first to declare that he had done so by switching to British Gas (althought later clarified he switched via chat to their SVT with a promise that once complete, would be placed on the BG Zero Fixed Oct 2022 tariff... and it would be backdated)

That was over 7 weeks ago now.

I don't recall any of the earlier posters coming back and saying they had any issues yet either with their transfer

[Deleted User]

Perhaps Ofgem is preoccupied with Bulb. Things seem to be coming to a head there, according to Sky. Just the 1.7m customers there…

dbks

Deleted_User said:

Perhaps Ofgem is preoccupied with Bulb. Things seem to be coming to a head there, according to Sky. Just the 1.7m customers there…

Sky have been banging on about Bulb going bust for months now
e.g. https://news.sky.com/story/energy-company-bulb-seeks-bailout-as-pm-insists-soaring-gas-prices-are-global-problem-12412618

Seems to me Bulb Energy is to Sky News reporters as Neon Reef was to MSE posters. If they keep on long enough, chances are that their predictions will come true eventually.

If the worst does come to the worst, perhaps the governement will make a 'bad energy supplier' to move Bulb customers to, just like they did with Northern Rock mortgage customers and their 'bad bank' policy.

That proved a great success didn't it?

elucidate

It's just been confirmed Bulb is going into special administration. Bulb will continue to run but be under the management of the administrators.

Perhaps Ofgem is mulling over putting us and all future failures into Bulb and dealing with all of them under one roof. 

dbks

DiseasedBunny said:

£200 in credit, this months bill to come off, so about £55, so cancelled my DD.  

Hopefully it gets announced on Monday who the SOLR is…

No announcement yet ..

Lets hope the announcement is not that NR also get placed into an SAR like Bulb seem to be being, else you will have to re set up that DDI

EssexHebridean

elucidate said:

It's just been confirmed Bulb is going into special administration. Bulb will continue to run but be under the management of the administrators.

Perhaps Ofgem is mulling over putting us and all future failures into Bulb and dealing with all of them under one roof. 

Now there is an interesting concept...

Liku

I got an automated email from NR to submit a reading. Should I still do this since the site seems to let me? I took a photo yesterday of the meter and will again today.

 Today marks my second month with NR and I never even thought I'd get that far!

dbks

elucidate said:

It's just been confirmed Bulb is going into special administration. Bulb will continue to run but be under the management of the administrators.

Perhaps Ofgem is mulling over putting us and all future failures into Bulb and dealing with all of them under one roof. 

If I were a creditor of the failed supplier, Bulb, the last thing I would expect any administartor to do would be to take on additional loss making customers, unless the administrator was sure by doing so, they could repay each and every penny of the estimated £625m  - £1billion  Bulb already owes.

As Bulb has been seeking an investor/buyer for months now, I suspect most creditors will not be seeing most of that money ever again.
(Domestic energy consumers who have credit on their energy accounts will, of course, be protected)

The sale of an even larger company would be even more difficult to secure.

DiseasedBunny

elucidate said:

It's just been confirmed Bulb is going into special administration. Bulb will continue to run but be under the management of the administrators.

Perhaps Ofgem is mulling over putting us and all future failures into Bulb and dealing with all of them under one roof. 

To be honest, if i was an administrator, its what I would do - all the bad eggs in one basket so to speak, then give the customers option to jump ship as and when they want to/can afford to

QrizB

dbks said:

elucidate said:

It's just been confirmed Bulb is going into special administration. Bulb will continue to run but be under the management of the administrators.

Perhaps Ofgem is mulling over putting us and all future failures into Bulb and dealing with all of them under one roof. 

If I were a creditor of the failed supplier, Bulb, the last thing I would expect any administartor to do would be to take on additional loss making customers, unless the administrator was sure by doing so, they could repay each and every penny of the estimated £625m  - £1billion  Bulb already owes.

The Special Administrator is, for most purposes, a new standalone energy company. It can take on Bulb, NR, whoever-comes-next and deal with all their creditors separately.

Bulb's creditors don't get a say.