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Energy companies collapse
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Old 30-10-2021, 12:42   #226
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Re: Energy companies collapse

Good article recently in the Times about Octopus

https://www.thetimes.co.uk/article/o...bets-sgk7zj3st

Quote:
Jackson, 50, says he has been shocked at how some companies were placing “one-way bets in the market” by taking on customers and only buying the energy needed to supply them later on — in other words, not hedging by purchasing energy in advance at an agreed price. That is fine when prices are flat or falling, but fatal when they soar — as they have done. “The cause of the companies going under isn’t the price cap — it’s the fact they didn’t hedge their energy costs,” he says.

He wants the regulator to introduce stress tests to ensure companies have hedged appropriately. “It’s not onerous or intrusive to do that. It’s important to make sure irresponsible or naive behaviour from companies doesn’t lead to the kind of cost of failure we’re seeing.”…

… Octopus Energy has quickly grown into a giant. Last year it secured the backing of Tokyo Gas, allowing it to launch in Japan, and of Origin Energy in Australia. It now has offices in central London, Brighton and Leicester.

Jackson won’t comment on his interest in buying Bulb, which is seeking more cash, but the latest injection from Al Gore’s Generation fund values Octopus at 3.3 billion — the same as Centrica.
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Old 30-10-2021, 22:49   #227
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Re: Energy companies collapse

Quote:
Originally Posted by SnoopZ View Post
Not good i'm with them, what happens when it goes bust, the lights don't suddenly switch off and how do we reclaim the balanced owed?
In the short term, nothing happens.
Then you get moved to someone else, on their basic tarriff.
Atm, the basic price capped tarriffs are the best deal anyway.

I'm with bulb, but no panic here, I'll just watch it play out.
Whatever happens, I'll owe them money, not the other way around.
They quoted me half what my actual costs will be as they screwed up the quote [badly].

Atm, Im paying 50% of what will cover my eventual [actual] bills.
I know eventually they will realise, and I'll have to pay up, but I'm hanging on to it until then.
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Old 30-10-2021, 23:04   #228
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Re: Energy companies collapse

Octopus have now got my switch in progress should be complete by 5th Nov so will have taken them 6 weeks. Avro have billed me to the 11th Sept final bill runs to the 26th and should be with me in a couple of weeks they say then what is left is going to Octopus so should run ok for me
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Old 02-11-2021, 20:16   #229
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Re: Energy companies collapse

Yet more energy suppliers cease trading

Quote:
Ampoweruk, Bluegreen Energy, Omni Energy and Zebra Power, which have over 27,000 household customers between them, have become the latest energy providers to cease trading -


17 domestic suppliers have gone bust since September. If you're affected, your supply will continue and credit balances are protected. While it's likely you'll pay more now, there are no savings to be had by switching.
https://www.moneysavingexpert.com/ne...fAdZqIu8iHMnaQ
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Old 02-11-2021, 20:23   #230
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Re: Energy companies collapse

Octopus claim they are well hedged (paid up front) but the longer that goes on I am just wondering how long it lasts. They also seem to be struggling setting up accounts. On their facebook page there are a lot of Avro customers who have not even got their details yet. They were meant to take my DD yesterday but did not. Obviously I will save the money but you just know a lot of people wont and will end up in debt
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Old 02-11-2021, 23:03   #231
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Re: Energy companies collapse

Quote:
Ampoweruk, Bluegreen Energy, Omni Energy and Zebra Power
Never heard of any of these, but by the look of it, they were very small.
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Old 03-11-2021, 16:58   #232
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Re: Energy companies collapse

Quote:
Originally Posted by Paul View Post
Never heard of any of these, but by the look of it, they were very small.
Me neither.
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Old 03-11-2021, 17:08   #233
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Re: Energy companies collapse

Around 6 years ago I switched to a small company called GB Energy Supply. I had to involve Ofgem almost immediately because they and Scottish Power between them made a mess of the final billing/meter reading process. The customer service person I spoke to at Ofgem had at that point never heard of the company I was switching to. I guess there have been a whole load of companies popping up and going under since the system was porivatised. It doesn’t help when some of them decide they’re only dealing with certain of the distribution network operators so they are only ever regional companies.

GBES collapsed after a couple of years and I had my account transferred by the regulator to the Co-Op. These days I’m with Bulb, so at this stage I don’t know whether I’m about to go through that process again. For what it’s worth I just booked a smart meter installation with them.
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Old 03-11-2021, 17:16   #234
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Re: Energy companies collapse

I have looked at where these 4 latest companies are based and they seem only cover private homes and to be in different areas.

As I quoted, they only have 27,000 customers between them so I'm not surprised they aren't company's most of us would have heard of and, as they are relatively new, they wouldn't have managed to get sufficient ratings to come up very high on comparison sites.

Hopefully those people who were with them will be allocated a new company soon. Not getting billed as winter sets in could result in eye watering bills at a time when many all ready expect to struggle.
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Old 03-11-2021, 17:20   #235
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Re: Energy companies collapse

Quote:
Originally Posted by joglynne View Post
I have looked at where these 4 latest companies are based and they seem only cover private homes and to be in different areas.

As I quoted, they only have 27,000 customers between them so I'm not surprised they aren't company's most of us would have heard of and, as they are relatively new, they wouldn't have managed to get sufficient ratings to come up very high on comparison sites.

Hopefully those people who were with them will be allocated a new company soon. Not getting billed as winter sets in could result in eye watering bills at a time when many all ready expect to struggle.
I have done the maths on my known electricity consumption and am being very careful with my gas so I know within a small degree of error how much my costs will save that amount every month until Octopus start taking my DD. I will not be caught out
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Old 03-11-2021, 18:29   #236
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Re: Energy companies collapse

Quote:
Originally Posted by Jaymoss View Post
I have done the maths on my known electricity consumption and am being very careful with my gas so I know within a small degree of error how much my costs will save that amount every month until Octopus start taking my DD. I will not be caught out
You are being very sensible but I fear others don't all follow your example. It seems like no-win situation for those who would have struggled financially without this double whammy of a higher cap on winter bill plus no chance to find a lower tariff.
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Old 03-11-2021, 19:17   #237
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Re: Energy companies collapse

Quote:
Originally Posted by Chris View Post
For what its worth I just booked a smart meter installation with them.
Why ?

---------- Post added at 18:17 ---------- Previous post was at 18:15 ----------

Quote:
Originally Posted by joglynne View Post
It seems like no-win situation for those who would have struggled financially without this double whammy of a higher cap on winter bill plus no chance to find a lower tariff.
Its a no win for pretty much anyone, unless they were lucky enough to be on a long term fixed deal. My bills are basically going up by about 60%
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Old 03-11-2021, 21:40   #238
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Re: Energy companies collapse

Quote:
Originally Posted by Paul View Post
Why ?
Were likely to be selling the house in the next year or so and Im guessing it will look better on the survey for the installation to have been done already. I cant be bothered with it myself - I know what were using and Ive already gone round the house ensuring our electricity usage is as efficient as it can be.
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Old 04-11-2021, 15:03   #239
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Re: Energy companies collapse

Quote:
Quote from The Sun, Money News:
GAS and electricity firm CNG Energy has gone bust today, leaving around 41,000 business customers without a supplier.

The company announced today that it is ceasing to trade, making it the latest casualty of the ongoing energy crisis.

No domestic customers are affected by the firm's collapse but thousands of businesses could now be facing higher energy bills.

Regulator Ofgem said customers' energy supply will continue, and they will be contacted by a replacement firm within two weeks.

Neil Lawrence, director of retail at Ofgem, said: Ofgems number one priority is to protect customers.
Business users are not protected by a price cap as was highlighted on R4 "You and Yours" today and some are seeing eye-watering increases in energy costs. Sufficient to put some small enterprises out of business.
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Old 04-11-2021, 18:51   #240
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Re: Energy companies collapse

Ofgem must be very busy atm, finding new homes for everyone.
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