Energy suppliers going bust

[Stive Pesley]

Anyone else had issues, or expecting issues?

https://www.bbc.co.uk/news/business-58090533

I switched to Green Network Energy last year - thought it was a good move, a decent low price and green credentials (allegedly)

Then out of the blue in April I got an email to say they had ceased trading and that I was being auto-switched to EDF, whether I liked it or not!

EDF took until 2 weeks ago to sort out my billing, and immediately increased my DD by £40 a month

I had a look on the usual switching sites and they are either not currently offering a price comparison service, or unable to find any cheaper deals

Seems like the same nightmare may be brewing for a lot of people now 

Quote

Industry sources fear there may be as few as 10 energy suppliers left by the end of the year, down from 70 in January.

Complicated by the fact that the so called bigger energy companies are now reluctant to take on the orphaned customers because they cannot afford to buy enough extra gas to supply them. So the government are looking at having to intervene to stop the market collapsing. Strange times

 

[EtoileSportiveDeDerby]

just been told People's energy were no more and moved to British Gas. Fully expect an increase in DD. Cant stand the duckers so will look to move ASAP. It's like the trains all over again. Bloody nationalise the lot and offer a decent service at a decent price, shouldn't be too difficult, should it???

[1of4]

1 hour ago, Stive Pesley said:

Anyone else had issues, or expecting issues?

https://www.bbc.co.uk/news/business-58090533

I switched to Green Network Energy last year - thought it was a good move, a decent low price and green credentials (allegedly)

Then out of the blue in April I got an email to say they had ceased trading and that I was being auto-switched to EDF, whether I liked it or not!

EDF took until 2 weeks ago to sort out my billing, and immediately increased my DD by £40 a month

I had a look on the usual switching sites and they are either not currently offering a price comparison service, or unable to find any cheaper deals

Seems like the same nightmare may be brewing for a lot of people now 

Complicated by the fact that the so called bigger energy companies are now reluctant to take on the orphaned customers because they cannot afford to buy enough extra gas to supply them. So the government are looking at having to intervene to stop the market collapsing. Strange times

 

The wonders of the free market. I seem to remember being told many years ago that we would get  better and cheaper utility suppliers once they had been de-nationalized. I'm still waiting for that statement to become a reality.

[Wolfie]

I'm a PFP customer (who went under last week)  & about to be "adopted" by British Gas.

I thought it was odd that they came round a couple of weeks ago to do a meter reading, when I had a smart meter installed a month ago and I had always previously done online meter readings. Now it becomes clearer.

70 odd suppliers is far too many and the "green" credentials of many appear to be shaky at best. The massive increases in costs cannot have been foreseen but it looks like most of the smaller companies chose not to hedge their costs like the big boys do.

10 suppliers sounds about right - as long as there is proper competition.

[Stive Pesley]

1 hour ago, Wolfie said:

70 odd suppliers is far too many and the "green" credentials of many appear to be shaky at best. The massive increases in costs cannot have been foreseen but it looks like most of the smaller companies chose not to hedge their costs like the big boys do.

10 suppliers sounds about right - as long as there is proper competition.

it was farcical having that many. Outside of the "big six" none of these other "suppliers" generate or supply energy, they are (or were!) just running the contract to bill you for it. The only expense they really had was running a call centre and a website.

An unexpected  price surge was always going to kill them, as they had enticed so many customers with low prices.

I never really understood the point of so many tarrifs either. Just have one tarrif and charge everyone the same, it was all a con

 

[BucksRam]

Switched to People's Energy (from Bulb) so was over the moon to read they've gone under.  Not. Was a toss up between them and Octopus Energy.

Had my British Gas email today, who I left ages ago for being far too expensive.  Will be interested to see what amazing deal they offer me. As for British Gas, they must be rubbing their hands in glee - over 350,000 People's Energy customers suddenly land in their lap, along with 82,000 from PFP and 40,000 from MoneyPlus. It's no wonder the big guns get richer and richer whilst the small ones struggle - reminds me of football!

That said, looking into it having heard about my supplier, it seems Bulb are also struggling, having sought a bailout, as are Symbio and Green Energy.  It does make me wonder if it's even worth switching from BG - I'll wait and see. 

[BucksRam]

1 hour ago, Wolfie said:

I'm a PFP customer (who went under last week)  & about to be "adopted" by British Gas.

I thought it was odd that they came round a couple of weeks ago to do a meter reading, when I had a smart meter installed a month ago and I had always previously done online meter readings. Now it becomes clearer.

70 odd suppliers is far too many and the "green" credentials of many appear to be shaky at best. The massive increases in costs cannot have been foreseen but it looks like most of the smaller companies chose not to hedge their costs like the big boys do.

10 suppliers sounds about right - as long as there is proper competition.

Quote on the BBC website the other day "At the beginning of 2021 there were 70 energy suppliers in the UK. Industry sources say there may be as few as 10 left by the end of the year"

https://www.bbc.co.uk/news/business-58620167 

[Boycie]

3 hours ago, Stive Pesley said:

Anyone else had issues, or expecting issues?

https://www.bbc.co.uk/news/business-58090533

I switched to Green Network Energy last year - thought it was a good move, a decent low price and green credentials (allegedly)

Then out of the blue in April I got an email to say they had ceased trading and that I was being auto-switched to EDF, whether I liked it or not!

EDF took until 2 weeks ago to sort out my billing, and immediately increased my DD by £40 a month

I had a look on the usual switching sites and they are either not currently offering a price comparison service, or unable to find any cheaper deals

Seems like the same nightmare may be brewing for a lot of people now 

Complicated by the fact that the so called bigger energy companies are now reluctant to take on the orphaned customers because they cannot afford to buy enough extra gas to supply them. So the government are looking at having to intervene to stop the market collapsing. Strange times

 

I’m with Green now? Maybe they started up again?

[Malagaram]

Just now, Boycie said:

I’m with Green now? Maybe they started up again?

So we are not by ourselves,dont feel so lonely now

[JoetheRam]

I'm one of these suckers on British Gas standard tariff, no direct debit, get charged an arm and a leg. Had been looking to switch recently and very nearly signed up to People's Energy last week but the website kept crashing on me. Think I'll give it a few months and wait for it to all die down.

[TigerTedd]

16 minutes ago, BucksRam said:

Switched to People's Energy (from Bulb) so was over the moon to read they've gone under.  Not. Was a toss up between them and Octopus Energy.

Had my British Gas email today, who I left ages ago for being far too expensive.  Will be interested to see what amazing deal they offer me. As for British Gas, they must be rubbing their hands in glee - over 350,000 People's Energy customers suddenly land in their lap, along with 82,000 from PFP and 40,000 from MoneyPlus. It's no wonder the big guns get richer and richer whilst the small ones struggle - reminds me of football!

That said, looking into it having heard about my supplier, it seems Bulb are also struggling, having sought a bailout, as are Symbio and Green Energy.  It does make me wonder if it's even worth switching from BG - I'll wait and see. 

I’m with octopus. I believe they’re still going strong (ish). I’ve not heard anything to the contrary, but this thread has me concerned. 

ive specifically been waiting a while to switch into their agile tarrif. My whole smart eco house plan depends on it. I’ve got a new battery being installed in the roof next week that will charge you overnight on their less than 0p rates. 

[TigerTedd]

20 minutes ago, BucksRam said:

Switched to People's Energy (from Bulb) so was over the moon to read they've gone under.  Not. Was a toss up between them and Octopus Energy.

Had my British Gas email today, who I left ages ago for being far too expensive.  Will be interested to see what amazing deal they offer me. As for British Gas, they must be rubbing their hands in glee - over 350,000 People's Energy customers suddenly land in their lap, along with 82,000 from PFP and 40,000 from MoneyPlus. It's no wonder the big guns get richer and richer whilst the small ones struggle - reminds me of football!

That said, looking into it having heard about my supplier, it seems Bulb are also struggling, having sought a bailout, as are Symbio and Green Energy.  It does make me wonder if it's even worth switching from BG - I'll wait and see. 

Looks like octopus are a fairly safe bet according to this: https://www.google.co.uk/amp/s/www.nationalworld.com/lifestyle/money/is-octopus-energy-going-bust-what-the-uk-suppliers-founder-said-on-twitter-amid-rising-wholesale-gas-prices-3389370%3famp

also looks like I might have made the right choice by getting rid of gas altogether in my home. 

[BucksRam]

55 minutes ago, TigerTedd said:

Looks like octopus are a fairly safe bet according to this: https://www.google.co.uk/amp/s/www.nationalworld.com/lifestyle/money/is-octopus-energy-going-bust-what-the-uk-suppliers-founder-said-on-twitter-amid-rising-wholesale-gas-prices-3389370%3famp

also looks like I might have made the right choice by getting rid of gas altogether in my home. 

Yeah saw that thanks.  They're on my list to check once BG hit me with their tariff.

[Ramslad1992]

4 hours ago, EtoileSportiveDeDerby said:

just been told People's energy were no more and moved to British Gas. Fully expect an increase in DD. Cant stand the duckers so will look to move ASAP. It's like the trains all over again. Bloody nationalise the lot and offer a decent service at a decent price, shouldn't be too difficult, should it???

Exact same boat as us… left British Gas for people’s energy and now back to square one. 

[EtoileSportiveDeDerby]

3 hours ago, Ramslad1992 said:

Exact same boat as us… left British Gas for people’s energy and now back to square one. 

Worst thing is Peoples energy felt like a nice bunch friendly staff at the end of a phone line and the only supplier i have ever had who told me to lower our DD.

[uttoxram75]

42 minutes ago, EtoileSportiveDeDerby said:

Worst thing is Peoples energy felt like a nice bunch friendly staff at the end of a phone line and the only supplier i have ever had who told me to lower our DD.

I switched to Octopus through M&S a couple of years ago and found them really friendly and far cheaper than I was paying before.

 

[Rev]

I'm with Bulb.

I'll add it to my list of financial misdemeanors alongside keeping my season tickets money in my football club!

 

 

 

 

 

 

 

[Wolfie]

I had my estimate through from British Gas last night for what they think I'll be paying this year for power - £150 a month more than I was paying PFP !!!

2 things:

1. The new prices are based on the new price cap rate, so a lot of people are going to get a nasty surprise when their rates are updated.

2. I'm not surprised PFP went bust if their prices were so low. I was even paying too much and racking up a healthy credit balance with them

It goes without saying I'll be shopping around ASAP but I doubt there will be that many good deals at the moment.

[cstand]

Interesting article on this 

https://www.google.co.uk/amp/s/theconversation.com/amp/gas-price-spike-how-uk-government-failures-made-a-global-crisis-worse-168324

 

[Wolfie]

23 hours ago, Boycie said:

I’m with Green now? Maybe they started up again?

Green have just gone, along with Avro