Zog Energy - anybody seen any latest news re CNG ceasing trading?

Shedman

If I recall correctly Zog was among the small companies that purchased and hedged their gas supplies through CNG (which is ceasing trading) which gave them to 30 Nov (ie today) to find another supplier.  They also indicated that even if their customers (eg Zog) had hedged supplies that that hedge belongs to CNG and hence they will no longer be hedged.

Just wondered if anybody has picked up any news (poss from industry news sites, etc) about the latest situation?  Or are we just waiting with bated breath and hoping Zog have sorted something out that will allow them to continue through the winter 🤞?

Ignite

I'm looking out for this as well.  I'm hoping that Zog didn't put all of their eggs in one basket and that they have hedged with a couple of companies.  The people running it seem to have a good understanding of business and hopefully this will help matters.

spot1034

Agree with the sentiments above but the other factor will be that more and more of their customers must now be coming off fixed deals that have expired and falling on to the standard variable tariff which they will have to supply at a loss. How long can a small supplier continue like this?

Ignite

The customers coming off the deals will be a relief to them as it will be at less of a loss than those on the deals.  The deal I currently have is far better than the standard variable tariff so it will be costing them more than if I was on their SVT.

brewerdave

Ignite said:

The customers coming off the deals will be a relief to them as it will be at less of a loss than those on the deals.  The deal I currently have is far better than the standard variable tariff so it will be costing them more than if I was on their SVT.

I agree ; I'm currently on ~ 2.6p/kwh - even on the cap I'd be paying an extra £20 pm and on a 12 mnth fix an eye watering extra £70 pm !!

spot1034

Ignite said:

The customers coming off the deals will be a relief to them as it will be at less of a loss than those on the deals.  The deal I currently have is far better than the standard variable tariff so it will be costing them more than if I was on their SVT.

I would assume that they've covered the costs of fixed deals in advance, as a well run supplier should, which is why they have survived up to now. 

GunJack

I bl00dy-well hope they have....and so far not heard any whispers/rumours/etc., my fix ends mid-Feb next year, and all I can say is I'm not a heavy gas user circa 8000kWh p.a, so even with the price-cap after that (which looks liikely) it won't be too much of a culture-shock...

...unlike the leccy

QrizB

Zog seems to have a lot of fans on the forum and we're all hoping they can hold out

BUFF

spot1034 said:

Ignite said:

The customers coming off the deals will be a relief to them as it will be at less of a loss than those on the deals.  The deal I currently have is far better than the standard variable tariff so it will be costing them more than if I was on their SVT.

I would assume that they've covered the costs of fixed deals in advance, as a well run supplier should, which is why they have survived up to now. 

Well, yes, but how much of that was hedged via CNG?
I too am a fan/many year customer of Zog as a fairly basic service but apparently well run as a company.

dbks

QrizB said:

Zog seems to have a lot of fans on the forum and we're all hoping they can hold out

Symbio & Neon Reef also had a lot of fans on this forum,.
It didn't turn out too well for either of those suppliers.

molerat

dbks said:

QrizB said:

Zog seems to have a lot of fans on the forum and we're all hoping they can hold out

Symbio & Neon Reef also had a lot of fans on this forum,.
It didn't turn out too well for either of those suppliers.

A big difference between them though.  Symbio & NR were cheap and that is all.  Zog are not bottom chasers, they have offered cheap tariffs when possible but have often been well away from the top of the cheap list when the market was unfavourable, their big plus is customer service unlike the others mentioned.