Neon Reef not permitted to take on new customers

dbks

... but they still seem to be accepting applications on their website.

Five more suppliers have defaulted out of Elexon’s Balancing and Settlement Code (BSC), as energy suppliers continue to struggle amid market pressures.

Neon Reef Limited, Orbit Energy Limited, Zebra Power Limited, BlueGreen Energy Services Limited and CNG Electricity Limited. For these final three companies, the move follows them shuttering and their customers are being placed with a Supplier of Last Resort (SoLR).

...

For both Neon Reef and Orbit Energy, they have been removed from the BSC for failing to sufficiently reduce their Credit Cover Percentage. They follow a number of companies who have defaulted out of the system – which means that they cannot register new customers – with the majority failing shortly after.

...

Source: https://www.current-news.co.uk/news/five-suppliers-have-defaulted-out-of-elexons-bsc

Orbit Energy appear to have stopped accepting new customers, but say on their website:

"Rest assured, your energy supply is safe. Our focus is 100% on servicing our existing customers."

[Deleted User]

Hmm. Neon Reef adopting their usual ‘mushroom’ approach to customer service and communication, apparently. 

CRISPIANNE3

Well if the worst happens I am enjoying cheaper electricity at the moment. 

maisie_cat

CRISPIANNE3 said:

Well if the worst happens I am enjoying cheaper electricity at the moment. 

I feel the same, let's be grateful while we have cheaper bills, if we end up on a SOLR tariff it'll still be less than we were paying 2 years ago, so glad we put energy saving measures in place.

wittynamegoeshere

I wonder what happens if they just ignore this and carry on recruiting?  Hopefully Ofgem will wake up at some point and just pull the plug on them.

dbks

wittynamegoeshere said:

I wonder what happens if they just ignore this and carry on recruiting?  Hopefully Ofgem will wake up at some point and just pull the plug on them.

Please refer to my OP. Neon Reef cannot currently register new customers.

Inigo_Montoya

Fairly obvious IMO that new customers were helping them stay afloat i.e. a ponzi scheme "lite"

Thats while they started taking the first direct debit just a week after applications to join rather than the previous 3 weeks

Now that rugs been pulled it won't probably be much longer before they go under 

grandadgolfer

Inigo_Montoya said:

Fairly obvious IMO that new customers were helping them stay afloat i.e. a ponzi scheme "lite"

Thats while they started taking the first direct debit just a week after applications to join rather than the previous 3 weeks

Now that rugs been pulled it won't probably be much longer before they go under 

Well lets hope not