Neon Reef - any views?

wittynamegoeshere

If that was the case you'd think they'd be shouting from the rooftops about it, and telling the world how secure they are.

What we do know is that they got officially ticked off for not paying their bills last month.  Also they've been mentioned as being on the brink by several major news outlets in the last week or so, you'd think if they had some special situation then they'd be out in force denying it and saying how strong they are.

Instead, just silence from them.

DiseasedBunny

wittynamegoeshere said:

If that was the case you'd think they'd be shouting from the rooftops about it, and telling the world how secure they are.

What we do know is that they got officially ticked off for not paying their bills last month.  Also they've been mentioned as being on the brink by several major news outlets in the last week or so, you'd think if they had some special situation then they'd be out in force denying it and saying how strong they are.

Instead, just silence from them.

You seem to WANT them to fail - just so you can say “told you so”.

wittynamegoeshere

It doesn't really make any difference what you or I think or state, if anyone reading this decides not to sign up or to leave them then it actually REDUCES their losses and makes them LESS likely to go bust.  That is the crazy version of reality at the moment and why their behaviour defies any reasonable logic.

I couldn't really claim that I told anyone so if they do go bust, it's widely expected by lots of people who are far better paid and qualified...

https://news.sky.com/story/energy-watchdog-ofgem-braced-for-fresh-wave-of-supplier-collapses-12432354

Analysts named Ampower, Zebra Energy and Neon Reef among those that were potentially at risk of collapse.

Why would any company that was not at risk of collapse not have something to say about these kinds of reports?

[Deleted User]

@wittynamegoeshere Are you a customer of NR? If not, why are you into their ribs so much? Personally, I would be grateful if you could desist from making such negative and defamatory posts. If there is a problem, you are only stirring the pot, which can only exacerbate the situation. Is that the outcome you want, for some reason? 

WillPS

FWIW I cancelled my switch by email on Tuesday and received nothing from NR.

At the same time I emailed Bulb to advise that I wanted to cancel my outbound switch and ask them to block any attempt, which they replied to within 4 hours that evening. Today I received a 'sorry, your existing supplier has objected, please sort this out with them' type email from NR and confirmation my DD would not be taken.

Really hope Bulb make it through all this, they are a quality supplier.

MWT

Deleted_User said:

@wittynamegoeshere Are you a customer of NR? If not, why are you into their ribs so much?

Unfortunately it is reasonable for others to have a vested interest in what is going on, given the behaviour of those involved in other entities related to Neon Reef, and the fact that costs resulting from a similar failure with Neon Reef will be passed on to customers of more secure suppliers through the levy...

wittynamegoeshere

You'll need to have words with Sky News, ITV, BBC and several newspapers among many others to stop going on about it then, if you want everyone in the world to pretend all is well with this strangely silent company.

The last thing I can see from them that's close to them making a statement was this...

https://www.bbc.co.uk/news/business-58620167

Signed by the likes of Green, AMPower, Neon Reef and Tru Energy, it called for a support package for all suppliers, a review of the price cap and for smaller firms to be included in future discussions on the future of the energy market.

It was critical of Ofgem, saying it was "currently unfit to regulate an industry they have appeared to have a vested interest in or turning a blind eye to the market returning to a selective monopoly and a reduction in competition".

Basically begging for a cap increase and/or subsidy and suggesting that they weren't going to be around much longer.

[Deleted User]

@MWT Yes, but that doesn’t mean you have to help it become a self-fulfilling prophecy, by talking it down. Shouldn’t we all be concerned about each other, rather than apparently indulging in a bit of ‘schadenfreude’ (sic) at the expense of our fellow consumers? 

wittynamegoeshere

Anyone signing up with them should be aware of their very strange current situation.  I don't see why you think there should be some kind of conspiracy to keep quiet about it, this is all widely reported by major news organisations.

If I wasn't owed a ton of money from Symbio I'd probably jump in myself, but definitely fully expecting it to be a short-term thing followed by a load of messing about.  But, as we know, everyone's backed by Ofgem anyway so, other than a load of hassle and possibly being worse off in the short-term, nobody is going to lose out in the end.

It may be completely possible that the wholesale price drops like a stone next week, they suddenly become profitable and make huge profits from all the customers they've hoovered up while all the rest were cowering.  Perhaps this is their plan?  I've no idea, they aren't telling anyone anything.

MWT

It is a fine line for sure between reasonably informing potential customers that all may not be as it seems and 'talking it down' not everyone will walk that line as well as others.