Economy Energy stops trading - MSE News

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Former_MSE_Callum
Former_MSE_Callum Posts: 696 Forumite
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Economy Energy, a gas and electricity supplier with about 235,000 domestic customers, has ceased trading. If you're a customer, your energy supply will continue as normal - but here's what you need to know...
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'Economy Energy stops trading'
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Comments

  • molerat
    molerat Posts: 31,864 Forumite
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    It was only a matter of when rather than if.
  • wakeupalarm
    wakeupalarm Posts: 1,102 Forumite
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    edited 9 January 2019 at 12:41PM
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    Maybe it would be easier to just start a thread with the companies that are still trading. :rotfl:

    Ofgem keeps carrying on as if nothing is wrong but all these losses from these companies going bust are being added to customers bills.

    Their licencing policy has been a complete failure that the current system allows to be hidden.
  • Londoner_1
    Londoner_1 Posts: 180 Forumite
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    Shame, my tariff ends mid feb.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    edited 8 January 2019 at 3:03PM
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    If you've recently switched or you're currently in the process of switching away from Economy Energy, any remaining credit is protected under Ofgem's 'safety net' scheme.
    That's encouraging. It may mean that if you have switched and are still owed a refund on a credit balance you may get it refunded by the new supplier. That would be far better for former customers than becoming a low-priority creditor of the failed company.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • pdickinson
    pdickinson Posts: 1 Newbie
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    I can only go off what has happened to me so ... i was £203 in credit on my electricity and £96 in credit on gas. Just downloaded my new invoices before the site goes down and they have added 4000 units of electricity and 500 units of gas so acording to their invoices I'm now £800 in dept.



    All this talk of "if you're in credit" bunkum ... who they kidding?


    Question is, i have other invoices to prove it but do I now have a fight on my hands to change supplier.


    I've been through this before with GB Energy when they went under. Didn't get my credit back then either. Although they wern't as creative with their invoicing lick these schrubs.
  • ianto11
    ianto11 Posts: 251 Forumite
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    Consumerist wrote: »
    That's encouraging. It may mean that if you have switched and are still owed a refund on a credit balance you may get it refunded by the new supplier. That would be far better for former customers than becoming a low-priority creditor of the failed company.

    So are you saying you believe the ROC's they owe won't/don't take precedence over domestic customers ?
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    pdickinson wrote: »
    I can only go off what has happened to me so ... i was £203 in credit on my electricity and £96 in credit on gas. Just downloaded my new invoices before the site goes down and they have added 4000 units of electricity and 500 units of gas so acording to their invoices I'm now £800 in dept. . .
    If it was me in that position, I would seriously think this through.

    You have been billed for an extra 4,000 units of electricity and 500 units of gas at Economy Energy's prices. Had your statement been correct then you would have had to pay for those units at the new supplier's rates. If you leave the statement unchallenged then you could save some money. It could be worth going through the numbers to check.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    edited 8 January 2019 at 11:33PM
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    ianto11 wrote: »
    So are you saying you believe the ROC's they owe won't/don't take precedence over domestic customers ?
    No.

    It seems STRIKE]likely[/STRIKE possible that Ofgem (i.e. all of us, eventually) is now footing the bill for unpaid credit balances for former customers who have switched as well as current customers who haven't switched.

    Bear in mind I'm only quoting the original MSE article and don't know anything about it for certain. This must be a recent change to what used to happen but, fingers crossed, it might be good news for former customers awaiting refunds.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • ianto11
    ianto11 Posts: 251 Forumite
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    Consumerist wrote: »
    No.

    It seems likely that Ofgem (i.e. all of us, eventually) is now footing the bill for unpaid credit balances for former customers who have switched as well as current customers who haven't switched.

    Bear in mind I'm only quoting the original MSE article and don't know anything about it for certain. This must be a recent change to what used to happen but, fingers crossed, it might be good news for former customers awaiting refunds.

    As a "disillusioned" former customer, awaiting a refund, I'll form an orderly queue......it's the British way
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    ianto11 wrote: »
    As a "disillusioned" former customer, awaiting a refund, I'll form an orderly queue......it's the British way
    Do let us know what happens. :)
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
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