Neon Reef - any views?

DiseasedBunny

They (OFGEM) won’t do anything, otherwise they have to move thousands more customers - reckon they will postpone payment

MWT

DiseasedBunny said:

They (OFGEM) won’t do anything, otherwise they have to move thousands more customers - reckon they will postpone payment

That's a dangerous game of 'chicken' to play, not sure I'd bet my company on that call...

[Deleted User]

Further information from Ofgem. Seven suppliers, including Neon Reef. 

https://www.ofgem.gov.uk/publications/ofgem-orders-seven-suppliers-pay-ps179m-unpaid-renewables-obligations-payments

brewerdave

NR  renewable obligations are "small beer" compared with Together Energy - £12.4 million !!!

Patr100

MWT said:

paulbounty3 said:

CRISPIANNE3 said:

NR have already confirmed I could not go back to my original supplier as they are now insolvent so I cannot understand their reluctance to set up the dd for my account. 20 times I have sent through the mandate and they continue to ignore. 

Neon Reef said they have been absolutely slammed with customers sending tons of emails because of price rises etc so response times have been slow. 

In June last year their accounts showed they had no employees at all, so one would have to assume they subbed out their support function else where so recent events may have left them scrambling to find replacements ...

Anyway, looks like there is another large bill heading towards their investors pockets... Around £350k + interest this time...

https://www.ofgem.gov.uk/publications/neon-reef-limited-provisional-order-0

Not so large it can't be paid, but another test of their will to keep the company afloat.

The last payment NR nearly defaulted on was £37,350 then they paid it just in time as the Ofgem order was revoked
but this new amount is  nearly 10 times as much - doesn't look hopeful.

MWT

Patr100 said:

The last payment NR nearly defaulted on was £37,350 then they paid it just in time as the Ofgem order was revoked
but this new amount is  nearly 10 times as much - doesn't look hopeful.

Alternatively, it might explain why they have been selling fixed rate tariffs below wholesale, as they could easily have pulled in enough customers to cover the payment with their first DD on the AEC/12+33% model they are using...

Guess we'll find out soon enough...

CRISPIANNE3

If they do go bust at least I will owe them money as no direct debits have been taken as yet. Unlike UP who now are sitting on my £162 credit. 

[Deleted User]

Interestingly, NR were straight on my case when they couldn't claim a direct debit on Wednesday. I had cancelled it, pending receipt of an actual bill, as I had never received one. So they CAN make contact when they want to. 

Furthermore, it became obvious that they were using previous correspondence as templates and copying and pasting. However, if you are going to do that, obviously you need to edit and adjust appropriately before issue. Rather than issuing something that refers to another defunct supplier, namely Utility Point, that I have had no dealings with whatsoever. Schoolboy error. 

Edit (Just to say that I had forewarned them 3 times already in writing, that I would be cancelling the dd unless they provided a bill, and stating that I would reject any financial penalty they might impose for dd cancellation.)

gtd2000

It's a curious thing this hike in kw price and standing charges for my 100% renewable energy electricity supply!

My E.On tariff end next month and I go from 8p per day standing charge to roughly 28~35p and from 12.5p per kw to anything up to 35p per kw... 

For some reason, all that renewable energy  has increased in price!

Neon Reef looks like the thinner end of the wedge even if it only lasts a few months!

BUFF

brewerdave said:

NR  renewable obligations are "small beer" compared with Together Energy - £12.4 million !!!

& Ofgem may have other priorities shortly if this comes to pass ... https://www.independent.co.uk/news/business/bulb-energy-supplier-collapse-b1947708.html