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

A_passing_octopus wrote:

Iresa announcement - Octopus Energy

Ofgem have appointed Octopus Energy, Britain's most highly rated energy supplier, to take over your energy supply from Iresa. Your energy supply will carry on as usual, and any credit balance will be safe. You don't need to do anything now, we will be in touch with more information in 7 days.

Dear Adrian,

Ofgem, the energy regulator, has asked Octopus Energy to step in and look after Iresa's customers as Iresa have ceased trading.

Over the next few weeks, we will transfer you to our award-winning customer service platform on our cheapest tariff.

While this will cost more than what you're currently paying, it's priced to ensure we're a sustainable business. Although we've won numerous awards for our customer service, we make less than 5% margin, which covers the entire costs of running our business. Find out more about why we're not as cheap as Iresa https://octopus.energy/iresa/#cheaper.

Once your transfer is complete, you'll be free to switch to another supplier without any fees or charges, or simply stick with us if that's what you prefer.

Unfortunately you won't be able to switch to a different supplier while the process is underway, due to energy industry limitations - but we are working night and day to get you through this as quickly as possible.

Good to know:

Your energy supply will continue uninterrupted. You will not be cut off.
Any money Iresa owed you is safe and will be credited to your new Octopus account as soon as possible.
You will be moved onto Octopus's cheapest tariff which is hundreds of pounds cheaper than the Big 6.
If you pay by Direct Debit, you don't need to change anything. This will transfer to Octopus automatically.
If you are a prepayment customer, you will be able to top up in the same way you have been doing and will not lose supply.

There's no need to call or email us - we will be in touch within 7 days with an update.

We have a lot of work to do cleaning up Iresa's poorly managed accounts. It will likely take us several months to iron all the issues out, but we hope to have your account up and running within a week or two.

You don't need to do anything right now, but we'd appreciate you taking a note of your meter readings.

If you can, please make a note of your meter readings today and store them. We will ask for it soon. If you are away, or can't make a note, don't worry. It won't affect your switch and we will be in touch soon with more information.

Octopus is renowned for fantastic service, but please do not call or email us unless it's an emergency.

Here's what will happen next:

Within 7 days

We will contact you with an update.

Within 14 days

We expect to have most accounts reviewed, transferred, and operating properly. Please do not cancel your Direct Debit as we will move it over to us.

Within 21 days

Your switch will be complete, and you'll be free to switch to another supplier (but we hope you'll stay).

We are committed to making this as smooth as possible. We're proud of our reputation for customer service and ask that you bear with us whilst we begin the tidying process so we can give you the service you deserve.

For the latest information, please visit the Official Iresa Octopus Information Page. https://octopus.energy/iresa

Finally, it would help to know your plans, so we can plan accordingly:

- I plan to stay with Octopus Energy <clickable link>

- I will probably stay with Octopus Energy, if you offer fair prices and good service <clickable link>

- I will probably leave Octopus Energy for a cheaper supplier <clickable link>

- I plan to leave as soon as possible (and please let me know when I can do this) <clickable link>

Please bear with us, whilst we're working hard to tidy up the very messy information we've inherited from Iresa.

Love and power,

Jon Paull

Operations Director

Octopus Energy

P.s. Who are Octopus Energy?

We are the only energy supplier recommended by consumer champions Which?, uSwitch's Supplier of the Year, and backed by the £8 billion Octopus Investments.