MSE News: Energy firm Iresa ceases trading - here's what it means for customers

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  • SuiDreams
    SuiDreams Posts: 2,393 Forumite
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    such a shame just had my electric with them, looks like i'll be paying a lot more now can't find rates that are as good.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    SuiDreams wrote: »
    such a shame just had my electric with them, looks like i'll be paying a lot more now can't find rates that are as good.
    Yeh, I'm finding that, too - £80 more/year is the cheapest.
  • brewerdave
    brewerdave Posts: 8,508 Forumite
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    As a matter of interest, how long did it take for OFGEM to announce a "supplier of last resort" after the last two supplier failures namely GB Energy and Future Energy ??
  • macman
    macman Posts: 53,098 Forumite
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    Not sure, but I don't think either had as many customers as Iresa, reportedly around 100,000. The task of absorbing that many accounts in a reasonable timeframe makes me think that the smaller suppliers are not going to be in contention for this.
    Am I right in thinking that, until a supplier is appointed, we will continue to be billed on our existing Iresa tariffs? If so, Ofgem need not hurry...
    My research elsewhere is giving me a minimum cost increase of about £45pa, so not too bad really.
    No free lunch, and no free laptop ;)
  • brewerdave
    brewerdave Posts: 8,508 Forumite
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    macman wrote: »
    Not sure, but I don't think either had as many customers as Iresa, reportedly around 100,000. The task of absorbing that many accounts in a reasonable timeframe makes me think that the smaller suppliers are not going to be in contention for this.
    Am I right in thinking that, until a supplier is appointed, we will continue to be billed on our existing Iresa tariffs? If so, Ofgem need not hurry...
    My research elsewhere is giving me a minimum cost increase of about £45pa, so not too bad really.


    I presume that it would be a larger supplier too!

    As to future charges? Who knows -not sure if its strictly legal for the new supplier to charge us for units used since IRESA went bust at a higher rate since they weren't our supplier ,but assume that, they can charge effectively what they like from the takeover date:(
  • Stratus
    Stratus Posts: 254 Forumite
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    As a matter of interest, how long did it take for OFGEM to announce a "supplier of last resort" after the last two supplier failures namely GB Energy and Future Energy ??

    News sites were reporting the demise of GB Energy on Sunday 27th November 2016.

    https://www.theguardian.com/business/2016/nov/27/gb-energys-collapse-to-hit-160000-households-with-higher-bills

    Co-Op takeover was announced just a couple of days later on Tuesday 29th

    https://www.telegraph.co.uk/business/2016/11/29/co-op-energy-acquires-gb-energys-customers/
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    Stratus wrote: »
    News sites were reporting the demise of GB Energy on Sunday 27th November 2016.

    https://www.theguardian.com/business/2016/nov/27/gb-energys-collapse-to-hit-160000-households-with-higher-bills

    Co-Op takeover was announced just a couple of days later on Tuesday 29th

    https://www.telegraph.co.uk/business/2016/11/29/co-op-energy-acquires-gb-energys-customers/
    But that's when somebody wants to take on the entire big wodge of customers...

    Less likely with this, because nobody's anywhere near the Iresa pricing. (Mine's an April this year 12mo fix)
  • Stratus
    Stratus Posts: 254 Forumite
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    nobody's anywhere near the Iresa pricing.

    They don't need to be. There is still money to be made.

    As OFGEM say:

    "Our guidance states that the deemed tariff which the consumers of the failed supplier move to must not reflect more than the reasonable costs of supply (including costs attributable to the purchase of gas or electricity at short notice), together with a reasonable profit."

    For reference there were 11 submissions to OFGEM for SoLR following the GB Energy collapse.
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    So those with Iresa who aren't already switching are going to Octopus SVT.

    Well worth getting your accurate consumption figures and using MSE switching or maybe uswitch.

    Here in sunny Yorkshire, Yorkshire Energy have good prices, but they are country wide.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • Sellurgranny
    Sellurgranny Posts: 237 Forumite
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    I am glad to see the back of Iresa, I have been trying unsuccessfully to switch dual fuel from them since April 2018, so far I have only managed to switch my gas because of 'debit' on my account even though I had a DD set up. i can only hope that I can continue my switch from the new company quickly and that they dont have the same ridiculous rules as Iresa did - i.e. have to be in credit on my account before they allow the switch - most companies allow a switch then send you their final bill - simples.
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