MSE News: Octopus Energy to take on Iresa's 90,000 customers - here's what you need to know

tomthered wrote: »

Further EDIT--It seems you cannot switch now, as Octopus have us in their tentacles, so we have to wait for the switch to complete --- Is That Correct???

tomthered wrote: »

Dont know if anyone else has given their feedback as a result of the Octopus email, but when I did it says it will take about 4 weeks to complete the switch to them

tomthered wrote: »

Check your spam as I would have thought it was a mass email. Mine arrived at 12.44pm. They said 2 to 3 weeks in the original post but the 4 weeks is from the feedback page when I said I wasnt staying because they are to dear. I dont mind paying a bit more but thats 22% dearer than I was paying, and even then I was paying over the odds.

Official Iresa Octopus information page

What is happening?

Ofgem, the energy regulator, has asked Octopus Energy to step in and look after Iresa's customers. Cleaning up the mess made by Iresa is a mammoth undertaking and will take months to complete but we aim to be close to "business as usual" within a week or two.

Good to know:

• Your energy supply will continue uninterrupted. You will not be cut off.
• Any money Iresa owed you is safe and protected by the energy regulator Ofgem
• You will be moved onto Octopus's cheapest tariff which is hundreds of pounds cheaper than the Big 6.
• 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

What have Ofgem said?

Here is a formal statement from Ofgem on the situation.

What do you need to do?

• Please do not call or email us yet. We do not yet have full information on your account, and are working with Ofgem to get this over the next few weeks.
• 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.
• Please do not cancel your Direct Debit with Iresa. This will automatically be transferred to us and any credit balance is safe.
• Your switch to Octopus Energy will be completed around August 21st. We will email you at this point to let you know. Ofgem advice is not to switch before the 21st August, but wait until we are in touch. From then on you'll have full access to an Octopus online account or be free to switch to other suppliers.
• If you do try to switch away from Octopus Energy before this email confirmation, the switch will unfortunately fail as you can't do two switches at the same time. We will work hard to minimise this period.

What happens next?

We will contact you within 7 days with an update.

How long will it take to move my account to you?

August 1st - August 14th:

During the next two weeks we beg your patience: we are working with poor quality information and will be working hard to get everything into shape. Please do not contact us except in an emergency as we will not have full information on your account.

August 15th - August 31st:

We hope to have full information on your account towards this time and will contact you with information about any credit or debit balances.

Will I be cut off?

Your energy supply will not be affected by this process at any time.

What happens to my credit balance?

Your credit balance is protected by Ofgem, the energy regulator. You will not lose it, and we will be able to return it to you.

Can I switch to someone else?

Your switch to Octopus Energy will be completed around August 21st. We will email you at this point to let you know. Ofgem advice is not to switch before the 21st August, but wait until we are in touch. From then on you'll have full access to an Octopus online account or be free to switch to other suppliers.

If you do try to switch away from Octopus Energy before this email confirmation, the switch will unfortunately fail as you can't do two switches at the same time. We will work hard to minimise this period.

I am no longer a customer of Iresa, but they still owe me money?

We will honour any credit balances for existing and old customers. Please bear with us and we will be in touch in the next few weeks.

Who are Octopus Energy?

We are the only energy supplier recommended by consumer champions Which?, uSwitch's Supplier of the Year, and the highest rated energy supplier on MoneySavingExpert's recent customer service poll. We have also won a number of awards for our technology and customer experience.

I am moving house. How do I let you know?

If you're moving house before the end of August, please email us at iresa@octopus.energy on the day you move out with your meter readings, a forwarding address, and the name of the person moving in (if you have it). We'll get back to you with anything you need to do.

Why aren't Octopus as cheap as Iresa?

There is a reason Iresa went bust. We regularly update our prices to reflect the wholesale cost of the energy we supply you. Although we've won numerous awards for our customer service, we add less than 5% to your energy bill to cover the entire costs of running our business. There are a number of energy suppliers offering break-even or below cost energy at the moment, and they will either sting you with price rises or go bust. We'd rather offer our customers long term good value with customer service you can trust.

Why can't I choose who takes over my Iresa account?

A switch of supplier in Britain requires both a losing and a gaining supplier, but because Iresa are no longer trading, they can't operate as the losing supplier. We've been asked by Ofgem to set up and manage accounts for all Iresa customers. Once this process is complete, you'll be free to switch or stay, whichever you prefer.

Are you going to go bust too?

We are a well established business with hundreds of thousands of customers. We are backed by the Octopus Group, a twenty year old financial services company who manage £8 billion of funds, including £2 billion in renewable energy generation.

How do I get in touch?

Please bear with us and we will be in touch in the next few weeks. If you have an emergency such as a loss of supply, please call 0808 1781551, or email iresa@octopus.energy