MSE News: Small energy supplier One Select stops trading - what you need to know

brewerdave wrote: »

Just musing -what happens if the OFGEM Supplier of last Resort goes bust trying to cope with the takeover ??

Unlikely, because:
(a) to date all SoLRs have actively bidded to take over a supplier that has ceased to trade (i.e. Ofgem have not forcibly appointed one - if they did, they would probably just pick one of the Big 6 who would probably hardly notice the taking over of a minnow)
(b) Ofgem review the bids received to ensure it's the best deal for the customer, and so would reject a bid if they considered the takeover would fail,
and probably most importantly
(c) bidding suppliers can ask for loads of money to cover the cost of taking over a failed supplier, the value of which they seem to claim after they have established those costs involved. The bid only states what elements they may claim for (and perhaps an estimate of the cost), and Ofgem then reviews the actual value once it is claimed.

e.g. here is £13.8m claim Octopus put in after taking over failed supplier, Iresa
https://www.ofgem.gov.uk/publications-and-updates/last-resort-supplier-payment-claim-octopus-energy

Note the claim also includes £1.6m financing cost of capital Octopus made available to fund the takeover for the period before they submitted their claim.
Ofgem is minded to consent to the claim in full.

wavelets wrote: »

e.g. here is £13.8m claim Octopus put in after taking over failed supplier, Iresa
https://www.ofgem.gov.uk/publications-and-updates/last-resort-supplier-payment-claim-octopus-energy

That makes me wonder if it would have just been cheaper to bung some cash at the failed supplier while winding them down in a less extreme manner.

Atomicsnail wrote: »

Do you have a TE account setup? I'm wanting to switch but I don't have an account set up yet. They've not taken any money as I cancelled direct debit and am in 175 credit from OS.

My new supplier confirmed TE managed to take over my supply on 24th December. TE stated in an email to all customers that our accounts would be set up by 8th January.

TE has not shared an account number with me, nor provided me with a first bill / account statement, nor provided me with online access. It has not shared any timelines for providing customers with any of these things.

The good news is that it is not necessary to know your account details in order to switch.

masonic wrote: »

I believe uswitch carries the Tariff, but you can just plug in any supplier and tariff, then compare the rates for the cheapest result to those provided by Together. It should be obvious if there is a saving to be had.

Thanks masonic.

wavelets wrote: »

I would recommend this link instead

https://www.energylinx.co.uk/energy/cashback/

Exactly the same results, as the CAB use a disabled/doctored version of the Energylinx comparison site which is accedited by Ofgem, but you could earn yourself £34 possible cashback for switching (£17 per fuel)

:money:

Thanks wavelets and I will try your suggestion too.