Green Energy lines up insolvency advisers - reports Sky News

dbks

Sky News has learnt that Green, which serves about 250,000 customers, is working with Alvarez & Marsal (A&M) to coordinate plans to use the industry regulator Ofgem's Supplier of Last Resort (SOLR) mechanism.

An administration of Green is possible within days, sources said on Tuesday, and is expected to be followed by many more.

https://news.sky.com/story/energy-supplier-green-lines-up-insolvency-advisers-amid-industry-crisis-12413591

DiseasedBunny

Makes a change to get some warning - might be worth jumping now before you get pushed

Swipe

Bulb won't be far behind

abxbsk

DiseasedBunny said:

Makes a change to get some warning - might be worth jumping now before you get pushed

I've thought about doing that but i'm not sure I can afford the £72 exit fees on top of the increased cost i'll now have to pay.  I think i'll wait it out and see where I end up

poppellerant

I predicted this two days ago:

poppellerant said:

I will be amazed if Green don't go bust, if not this month then next.  I got the impression that they were struggling and their staff were very stressed on the phone.

I was lucky to get my refund this week then.

dali21

poppellerant said:

I predicted this two days ago:

poppellerant said:

I will be amazed if Green don't go bust, if not this month then next.  I got the impression that they were struggling and their staff were very stressed on the phone.

I was lucky to get my refund this week then.

I asked for a partial refund of my credit balance yesterday.  I am leaving them on 1 October.  Just wondering how long did it take them to initiate your refund once requested?  They have told me it will be 5-7 days but I’m hoping I get it before they collapse. 😟

bsms1147

It’s in Green’s interest for a good chunk of people to leave them right now. If they’ve only bought ahead enough energy for a certain number of people, additional customers they’ve gained recently will mean they will have to buy additional energy at higher rates, which they have to sell below cost to consumers.

They can’t make people leave, many will be in fixed contracts so it just isn’t possible for them to do so. And they can’t push up the variable rate to scare people out because of the cap.

Maybe the wisest or only strategy right now is to leak news of impending administration - which could very well be true - but if enough people jump ship, it might, just, save them.

poppellerant

dali21 said:

poppellerant said:

I predicted this two days ago:

poppellerant said:

I will be amazed if Green don't go bust, if not this month then next.  I got the impression that they were struggling and their staff were very stressed on the phone.

I was lucky to get my refund this week then.

I asked for a partial refund of my credit balance yesterday.  I am leaving them on 1 October.  Just wondering how long did it take them to initiate your refund once requested?  They have told me it will be 5-7 days but I’m hoping I get it before they collapse. 😟

I hounded them both on the phone and live chat and was told the same thing each time.  But on Sunday morning I received an email similar to when Green take direct debit payments, notifying me that Green had sent me refund.  Monday morning the refund showed in my bank, so I immediately cancelled Green's direct debit.

As far I'm concerned now, my dealings with Green are over.

Verdigris

Well I initiated a transfer to Green, when PfP went bust, but have since changed my mind. I emailed Green, to cancel, but have had no reply, which seems to be par for the course. I'm still shown as a PfP customer on the DNO database, so who knows what's going on.

[Deleted User]

Verdigris said:

Well I initiated a transfer to Green, when PfP went bust, but have since changed my mind. I emailed Green, to cancel, but have had no reply, which seems to be par for the course. I'm still shown as a PfP customer on the DNO database, so who knows what's going on.

Technically, once a supplier/company stops trading the last one out turns off the lights and locks the door. It follows that your attempted switch should be automatically cancelled if your chosen supplier goes bust before the transfer is executed and you would therefore default to PfP’s SoLR. All that said, jumping ship when there is an en bloc transfer going on to a SoLR should also result in a failed transfer as Ofgem has already initiated a switch on your behalf. I can understand why people might want to get ahead of the game but it can add complication and delay.

Techyteacher

Good. Hopefully the insolvency company will be more use and actually abide by the law.

We moved into a property supplied by Green. When they eventually set up our account. Then charged us for the old owners usage AND signed up to a 2 year fix with exit fees. As they well know, we didn’t agree to stay with them we inherited them. We should have been on a standard tariff and we inherited them. We didn’t sign up.

Absolutely criminal behaviour. Still haven’t had our final bill. I look forward to arguing it without heir administrator as we’ve now switched.