Neon Reef - any views?

BigBlueSky

Shedman said:

One good thing about weekends is that your energy supplier doesn't go bust for at least two more days 😅

I was thinking that too! - Also, looking at the announcements of previous companies they normally seem to be on a Tuesday or Wednesday for some reason.

As listed on - https://www.ofgem.gov.uk/news-and-views/blog/how-youre-protected-when-energy-firms-collapse

bristolleedsfan

Shedman said:

One good thing about weekends is that your energy supplier doesn't go bust for at least two more days 😅

https://greennetworkenergy.co.uk/  ceased trading on 30 January 2021 which was on a Saturday

Shedman

bristolleedsfan said:

Shedman said:

One good thing about weekends is that your energy supplier doesn't go bust for at least two more days 😅

https://greennetworkenergy.co.uk/  ceased trading on 30 January 2021 which was on a Saturday

Ofgem news release announcing intention to cease trading was on 27 Jan which is the usual Weds failure (as it was same day Simplicity went as I well know 😢).

https://www.ofgem.gov.uk/publications/ofgem-protects-customers-failed-suppliers-green-network-energy-and-simplicity-energy

EDIT: 30 Jan was when the SOLR was appointed so presumably they don't actually stop trading until the SOLR is appointed and court order obtained to revoke supply licence (which makes sense) even though it was announced on 27 Jan they were ceasing trading (which is the notification we're all interested in).  That explains the anomaly between the dates.

Inigo_Montoya

Shedman said:

One good thing about weekends is that your energy supplier doesn't go bust for at least two more days 😅

yes we have a least a week more on the cheaper price as it takes at least a few days to appoint the SoLR after the announcement

thought the recent statement from NR about we are still "growing" was rather amusing as firstly any recent growth is mainly due to the onboarding of customers from "bust" suppliers & secondly more customers potentially just means more losses further down the line (but a temporary immediate cash injection due to their new rushed 7 day transfer)  

I dont think them being specifically mentioned in the press as alledgedly being in talks with Ofgem is a good sign at all TBH

If they had "hedged" & bought enough energy in advance to survice I would expect them to be singing about it from the rooftops

wittynamegoeshere

paulbounty3 said:

This is from Neon Reef 

We are continuing to grow and have no plans to cease trading.

If this is a genuine quote then it's worthless.  It does not explain why they're able to do the exact opposite of every other company.

Everyone knows for fact that it's not possible to run a credible business by buying at the current wholesale price and selling below the cap price.  Therefore they need to provide some kind of explanation of how they're doing it.  Otherwise concern and speculation is perfectly valid and justified.

Everyone will ultimately be protected by Ofgem.  But, rather than the safety net protecting people from the unexpected, it appears that they are deliberately shoving people into it, taking advantage of it to make some money for a month or two.

Those customers that do end up being protected by Ofgem may still be out of pocket by £100s for several months.  This would cause severe hardship to many people, who just don't have this sort of spare money.

CRISPIANNE3

According to Mr Lewis on his money show recently he again said do not switch. There is no where to go. Either he does not know about Neon Reef or does not rate their chances of survival that high.

Liku

I'd say their chances are slim to none but I doubt anyone rates their chances of survival above none. 1 month of cheap electricity makes enough of a saving for me to be worth it.

tghe-retford

CRISPIANNE3 said:

According to Mr Lewis on his money show recently he again said do not switch. There is no where to go. Either he does not know about Neon Reef or does not rate their chances of survival that high.

I'm guessing he does not want the backlash, anger and humiliation if he does suggest everyone switch to a company that is very likely, barring a miracle, to fall shortly. The repeated cries on social media of "I was misled by an 'expert' to switch to a company that was too good to be true and now I'm paying a lot more for my energy" will be something that will destroy public respect and a career. Not worth the risk of cancelling yourself just to save people a few quid for a month or so.

brewerdave

Liku said:

I'd say their chances are slim to none but I doubt anyone rates their chances of survival above none. 1 month of cheap electricity makes enough of a saving for me to be worth it.

Agree - but the nearer I get to the end of January on my "cheap" rate leccy with NR, the better !!

Ultrasonic

tghe-retford said:

CRISPIANNE3 said:

According to Mr Lewis on his money show recently he again said do not switch. There is no where to go. Either he does not know about Neon Reef or does not rate their chances of survival that high.

I'm guessing he does not want the backlash, anger and humiliation if he does suggest everyone switch to a company that is very likely, barring a miracle, to fall shortly. The repeated cries on social media of "I was misled by an 'expert' to switch to a company that was too good to be true and now I'm paying a lot more for my energy" will be something that will destroy public respect and a career. Not worth the risk of cancelling yourself just to save people a few quid for a month or so.

Rather than fear of the conequences, it could much more simply be considered basic good advice to not switch to a company with a high risk of imminent collapse.