Peoples Energy Cease To Trade

DealFinder2016

Hey MoJoeGo, great minds think alike.
I am in exactly the same situation and like you have decided to switch immediately to the Sainsbury's 2 year deal (I can't see this being around for too much longer).
I now need to figure out how I get my £200 credit back from People Energy - but that's a fight for another day.

MoJoeGo

ScottHart said:

Hey MoJoeGo, great minds think alike.
I am in exactly the same situation and like you have decided to switch immediately to the Sainsbury's 2 year deal (I can't see this being around for too much longer).
I now need to figure out how I get my £200 credit back from People Energy - but that's a fight for another day.

Yep, given the dire warnings of yet more steep price rises from October, a long fix with no exit penalties is the only sensible move right now. As you say, I can see it being pulled very quickly, as we're not the only ones that will have this idea!

In fact I've just screenshotted all the tariff information as it wasn't included in the welcome email from Sainsbury's, nor is it visible in the online account I'd set up...

[Deleted User]

MoJoeGo said:

ScottHart said:

Hey MoJoeGo, great minds think alike.
I am in exactly the same situation and like you have decided to switch immediately to the Sainsbury's 2 year deal (I can't see this being around for too much longer).
I now need to figure out how I get my £200 credit back from People Energy - but that's a fight for another day.

Yep, given the dire warnings of yet more steep price rises from October, a long fix with no exit penalties is the only sensible move right now. As you say, I can see it being pulled very quickly, as we're not the only ones that will have this idea!

In fact I've just screenshotted all the tariff information as it wasn't included in the welcome email from Sainsbury's, nor is it visible in the online account I'd set up...

Market dynamics have changed dramatically in the past few days and many long term fixes are now very expensive, and Ofgem-capped variable tariffs are much cheaper and effectively fixed until the 31st March 2022. To put this into perspective, Zog is offering a variable gas tariff at 3.39p/kWh whereas its 2 year fix is 4.9p/kWh. 

Moving to an Ofgem Capped tariff isn’t risk free as I suspect that many suppliers are demanding an early review of the Cap. If that happens you would get 30 days notice that your variable tariff is going up. You also need to take a view on whether prices will fallback a little next year. My own view - based only on what I read - is that they will once the Russian/German gas pipeline is opened and LPG supplies improve.

MoJoeGo

[Deleted User] said:

MoJoeGo said:

ScottHart said:

Hey MoJoeGo, great minds think alike.
I am in exactly the same situation and like you have decided to switch immediately to the Sainsbury's 2 year deal (I can't see this being around for too much longer).
I now need to figure out how I get my £200 credit back from People Energy - but that's a fight for another day.

Yep, given the dire warnings of yet more steep price rises from October, a long fix with no exit penalties is the only sensible move right now. As you say, I can see it being pulled very quickly, as we're not the only ones that will have this idea!

In fact I've just screenshotted all the tariff information as it wasn't included in the welcome email from Sainsbury's, nor is it visible in the online account I'd set up...

Market dynamics have changed dramatically in the past few days and many long term fixes are now very expensive, and Ofgem-capped variable tariffs are much cheaper and effectively fixed until the 31st March 2022. To put this into perspective, Zog is offering a variable gas tariff at 3.39p/kWh whereas its 2 year fix is 4.9p/kWh. 

Moving to an Ofgem Capped tariff isn’t risk free as I suspect that many suppliers are demanding an early review of the Cap. If that happens you would get 30 days notice that your variable tariff is going up. You also need to take a view on whether prices will fallback a little next year. My own view - based only on what I read - is that they will once the Russian/German gas pipeline is opened and LPG supplies improve.

Ordinarily I'd agree that variable tariffs tend to come out cheaper, but not right now - at least not for my usage (which is admittedly very high). MSE shows the cheapest as being Sainsbury's, and its equivalent direct EON tariff; very closely followed by their 2 year versions. And when I say 'very closely', I mean only £4/month more than the 1 year for dual fuel. I've not seen such near parity in 1 and 2 year fixes before.

The best variable options (London Power, Octopus, ebico etc... all relative minnows) are further down the list...

So IMO, there really is no good reason not to lock this one in immediately, safe in the knowledge that I can switch out later, penalty free, if things do indeed improve...

My only concern is if the switch does fail due to SOLR getting in the way, and these tariffs are pulled in the meantime. Hopefully they would still be obliged to honour them but we'll cross that bridge if we come to it.

spot1034

The reason for there being so little difference between 1 and 2 year fixes is because the suppliers hope that the longer deals look attractive at present, but they are betting that  prices will ease and that by the time the second year comes around the deal will be looking very good for the supplier and not the customer. Some punters will pay an exit fee to get out, others will shrug their shoulders and stay put. Either way, the supplier wins.

Of-course there's always a chance they may be wrong.  

MoJoeGo

spot1034 said:

The reason for there being so little difference between 1 and 2 year fixes is because the suppliers hope that the longer deals look attractive at present, but they are betting that  prices will ease and that by the time the second year comes around the deal will be looking very good for the supplier and not the customer. Some punters will pay an exit fee to get out, others will shrug their shoulders and stay put. Either way, the supplier wins.

Of-course there's always a chance they may be wrong.  

Yes I get that point, but as I mentioned, these deals have zero exit penalties. So really not obvious how the supplier wins here if prices do go down and I bail out... possibly they are just relying on inertia from a lot of consumers...

rhialwencomp

Yeah, I'm fixing too.
I found out by chance, easily could've decided to switch without knowing at any point in the past two days, so there must be some procedure right?
I just can't risk it keep getting worse, can't really afford the new prices let alone what it'll look like once ofgem get it all sorted.

Anyone know what does happen in this situation?

MoJoeGo

Well I'm crossing my fingers that the switch will work ok. Initial signs are good as I've just had an email from People's Energy saying they they have been notified that I'm switching and would really like me to stay with them!!

Yes I know it's an automated email, but even so 

trickydicky14

PE my credit balance

Hi I’m with Peoples energy so monitoring my account daily.

Normally PE request a meter reading from me around the 26th of the month and then as soon as I send it my account is updated and shows my new credit balance.

Well since PE went bust, I’ve noticed my credit balance is being reduced every other day by about £2.50

14th credit £28.48

16th credit £25.92

18th credit £23.27

This is happening without me sending new readings (as officially new reading not needed until they email me at the end of the month).

Anyone else had this happen?

revrobert

I am moving on the 28th September and moving into a friends house until I complete on our new property, I have to close my account with People's, and only open a new one with another supplier in a few weeks.  How does this affect getting my credit back?