|
||
|
7th May 2019, 19:56 | #11 |
This is my second home
Rovers 75 & 25 Join Date: Oct 2010
Location: Wearside
Posts: 4,496
Thanks: 543
Thanked 709 Times in 511 Posts
|
I think a class action is what might be needed ... against OFGEM! It is supposed to be overseeing the sector but the number of utility comps that have gone phut over the last year or so in the UK beggars belief.
|
7th May 2019, 23:15 | #12 |
Gets stuck in
MGZT-T Join Date: Oct 2014
Location: Paignton
Posts: 617
Thanks: 278
Thanked 90 Times in 72 Posts
|
If the company goes bust, the contract is null and void.
You have the right to switch to a different supplier and save some money. I did just that and made a substantial saving, as I hadn't switched in a long time. Just be sure to take readings to prove who owes what. |
8th May 2019, 02:14 | #13 |
This is my second home
Rovers 75 & 25 Join Date: Oct 2010
Location: Wearside
Posts: 4,496
Thanks: 543
Thanked 709 Times in 511 Posts
|
Under OFGEM rules credit balances are supposed to be protected along with continuity of supply. A supplier of last resort is tasked with ensuring this and it then bills OFGEM for any costs incurred and OFGEM spreads the costs among the remaining suppliers. The suppliers ultimately pass the costs on to every bill payer by way of higher charges so it is in the interests of every bill payer to have a stable and properly regulated energy market. But a growing number of industry influencers and media sources are beginning to sound alarm bells, no doubt because of the sheer number of failures in such a relatively short period of time.
Many who have yet to be affected by a failure may not be aware of how the figures have been stacking up and for some time now they have looked dire and ridiculously at odds with a market which is supposed to be regulated: 1. Future Energy - January 2018 2. Iresa - July 2018 (100,000 domestic customers) 3. National Gas and Power - July 2018 (80 non-domestic customers) 4. Electraphase Energy - August 2018 (entered administration) 5. Gen4U - September 2018 (500 domestic customers) 6. Usio Energy - October 2018 (7,000 domestic customers) 7. Extra Energy - November 2018 (108,000 domestic and 21,000 business customers) 8. Spark Energy Supply Limited - November 2018 (290,000 domestic customers) 9. OneSelect - December 2018 (36,000 domestic customers) 10. Economy Energy - January 2019 (235,000 domestic customers) 11. Our Power - January 2019 (38,000 domestic customers) 12. Brilliant Energy - March 2019 (17,000 households) That is why some think that the system is broken. Even a former chief energy regulator has said questions should be asked about Ofgem’s administration. And I think that another industry source has raised a very pertinent point in reportedly saying that supplier of last resort was contingent on there being few defaults. That was Ofgem’s view. That’s not been the case. |
8th May 2019, 20:49 | #14 |
Gets stuck in
MG ZT+ CDTi Join Date: Feb 2014
Location: Wolverhampton
Posts: 632
Thanks: 166
Thanked 264 Times in 154 Posts
|
Still no money fom total energy but I must say British gas have been good (wasent going for one of tbe micky mouse outfits) after 6 months they dropped my direct debit by £20a month usually it goes the other way !
Sent from my SM-T530 using Tapatalk |
10th May 2019, 04:58 | #15 |
This is my second home
Rovers 75 & 25 Join Date: Oct 2010
Location: Wearside
Posts: 4,496
Thanks: 543
Thanked 709 Times in 511 Posts
|
We stuck with the big 6 cadre for many years and I would not have thought to switch to a smaller company were it not for encouragement to do so from the likes of Martin Lewis and to a smaller degree some politicians themselves. It is worrying that more failures are regarded as inevitable by some in the industry and more so given that no one in authority seems willing or able to exercise any control over what has been unfolding for some time now.
It reminds me of the banking fiasco, warnings were flagged up by some before that whirlwind hit yet those who should have acted on them did nothing. |
10th May 2019, 06:16 | #16 |
This is my second home
MG ZT-T 190 Join Date: Jun 2009
Location: Lincolnshire
Posts: 5,493
Thanks: 372
Thanked 647 Times in 534 Posts
|
I would be asking ofgem not so much about why these companies are going bust, more why aren't they doing something about all these mickey mouse companies getting into the market in the first place?
|
10th May 2019, 09:28 | #17 |
This is my second home
MG ZT-T 190 Join Date: Jun 2009
Location: Lincolnshire
Posts: 5,493
Thanks: 372
Thanked 647 Times in 534 Posts
|
Is it in their powers to set the standard of entry or do they have to go elsewhere in government?
Either way this is something that has been on the cards for a while. |
14th May 2019, 10:12 | #18 |
This is my second home
MG ZT-T 190 Join Date: Jun 2009
Location: Lincolnshire
Posts: 5,493
Thanks: 372
Thanked 647 Times in 534 Posts
|
They use the tools they are given, they don't get to choose those tools.
|
14th May 2019, 10:21 | #19 |
Gets stuck in
MG ZT+ CDTi Join Date: Feb 2014
Location: Wolverhampton
Posts: 632
Thanks: 166
Thanked 264 Times in 154 Posts
|
Well 30 days up no money call together energy , operator can see my bank details have been received but not the date , can't tell me my account details as not on her system escalated and wait 1-3 days for a reply 😪
Sent from my SM-G950F using Tapatalk |
17th May 2019, 09:26 | #20 |
Gets stuck in
MG ZT+ CDTi Join Date: Feb 2014
Location: Wolverhampton
Posts: 632
Thanks: 166
Thanked 264 Times in 154 Posts
|
Well finally received my outstanding credit today after leaving them on 7th Nov 2018 and numerous phone calls
Sent from my SM-G950F using Tapatalk |
Thread Tools | |
Display Modes | |
|
|