Green.Energy - 10% extra on top ups - *Extended 1st Feb*

imaginary_80s

peadar said:

Anybody know what will happen to our top up stashes if and when Green go bust?

I'm under the impression that another energy firm would bid to buy them out and would then be responsible for all customer accounts both in credit and in debit, so your balance would simply shift across to that firm instead once the switch is complete. Haven't experienced this before though - I did read something on MSE about smaller energy firms potentially going bust and the bigger firms bidding to take over though.

brewerdave

imaginary_80s said:

peadar said:

Anybody know what will happen to our top up stashes if and when Green go bust?

I'm under the impression that another energy firm would bid to buy them out and would then be responsible for all customer accounts both in credit and in debit, so your balance would simply shift across to that firm instead once the switch is complete. Haven't experienced this before though - I did read something on MSE about smaller energy firms potentially going bust and the bigger firms bidding to take over though.

The SOLR is responsible for all accounts in credit ,but any debts remain with the failed supplier and their administrators will be responsible for recovery.

bristolleedsfan

Just in case anybody would like to support the view that demise of smaller suppliers will lead to a lot less competition and higher prices ( which is true IMHO) larger suppliers with no exceptions most particularly those who have removed variable tariff as an option from quote pages will just be a little cheaper than another for various mainstream tariffs.

EDFand Octopus 3 year/2 year fix rates are virtually identical with neither BG, EDF. SP, Octopus offering much cheaper variable rate tariff for this winter via website quote pages, E.on Next being apparent exception

https://www.change.org/p/government-kwasi-kwarteng-to-resign-from-business-secretary?recruiter=false  Started by green

[Deleted User]

imaginary_80s said:

peadar said:

Anybody know what will happen to our top up stashes if and when Green go bust?

I'm under the impression that another energy firm would bid to buy them out and would then be responsible for all customer accounts both in credit and in debit, so your balance would simply shift across to that firm instead once the switch is complete. Haven't experienced this before though - I did read something on MSE about smaller energy firms potentially going bust and the bigger firms bidding to take over though.

Would you willingly take on 100ks of customers and then be required to put them on a tariff that is going to cost your Company money for every customer taken on? This is why Ofgem is looking again at the SoLR regulations relating to enforcing a supplier to become an SoLR. SoLRs will look to be recompensed for all the costs associated with any customers that they take on. The Government seems to to coming up with a ‘BlackAdder Plan’ which grants them a loan that they can payback when prices fall and they are making profits from the new customers that they have gained. Energy prices will have to fall a long way before the cost of energy is less than the Ofgem-capped tariff.

ExGreenCustomer

Boom! And the Green are gone.

I didn't take up the offer of the 10% bonus because I had my doubts about the long term solvency of this company but it looks like the consumer is protected. However, deliberately encouraging customers to build up silly credit balances which the company may then distribute to it's officers and/or shareholders looks somewhat fraudulent if those recipients cannot be held personally liable for those debts due to the limited liability of the company. This could be interesting.
 

imaginary_80s

ExGreenCustomer said:

Boom! And the Green are gone.

I didn't take up the offer of the 10% bonus because I had my doubts about the long term solvency of this company but it looks like the consumer is protected. However, deliberately encouraging customers to build up silly credit balances which the company may then distribute to it's officers and/or shareholders looks somewhat fraudulent if those recipients cannot be held personally liable for those debts due to the limited liability of the company. This could be interesting.
 

I got £1000 out of them in bonuses (two lots of £500 from putting £5000 in both times) and it's in my bank account right now. Wouldn't have risked leaving it as a balance in my Green account! Also withdrew entire balances so there's nothing sitting in my Green account. All back in my savings. I wonder the same thing though for those who left it all in their account.

peadar

Website says "Customers need not worry, their supplies are secure and domestic credit balances are protected"

Inigo_Montoya

Well Shell have paid out Green credit account balances including the bonuses so this was not an issue as it turns out