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Energy companies collapse
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Old 05-11-2021, 00:03   #241
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Re: Energy companies collapse

Quote:
Originally Posted by Paul View Post
Ofgem must be very busy atm, finding new homes for everyone.
Agreed and it's work they created for themselves.

As the boss of Octopus said, energy companies should have to buy energy in advance to match the tariffs they are offering their customers. If they just gamble on energy prices falling all the time, then they will get caught out when prices rise. The extra costs from companies not doing this and failing result in extra admin for Ofgem and these costs are passed onto us consumers.
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Old 05-11-2021, 19:35   #242
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Re: Energy companies collapse

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Originally Posted by 1andrew1 View Post
Agreed and it's work they created for themselves.

As the boss of Octopus said, energy companies should have to buy energy in advance to match the tariffs they are offering their customers. If they just gamble on energy prices falling all the time, then they will get caught out when prices rise. The extra costs from companies not doing this and failing result in extra admin for Ofgem and these costs are passed onto us consumers.
As it always is and ever shall be
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Old 16-11-2021, 22:42   #243
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Re: Energy companies collapse

2 more energy firms cease trading.
Quote:
Neon Reef and Social Energy Supply, which have over 35,000 household customers between them, have become the latest energy providers to cease trading – meaning 19 domestic energy suppliers have gone bust since September.
https://www.moneysavingexpert.com/ne...JLmFF22mCAtNik
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Old 17-11-2021, 01:31   #244
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Re: Energy companies collapse

Despite all the doomy predictions, Bulb are still going.
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Old 17-11-2021, 09:38   #245
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Re: Energy companies collapse

Quote:
Originally Posted by Paul View Post
Despite all the doomy predictions, Bulb are still going.
I think they are getting help on the QT. Too many customers to lose. With their pricing structure though at least they have not lost as much as those who were honoring massive loss inducing deals
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Old 17-11-2021, 09:46   #246
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Re: Energy companies collapse

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Originally Posted by Jaymoss View Post
I think they are getting help on the QT. Too many customers to lose. With their pricing structure though at least they have not lost as much as those who were honoring massive loss inducing deals
Yes, they don’t do fixed rates or introductory bribes - just one basic rate (although they do now also offer an economy electricity tariff for EV owners). I guess this may have made business planning slightly simpler for them. It has certainly given them the necessary flexibility to move all their customers onto the Ofgem maximum tariff.

They installed our smart meter last week and against all expectations it has done something useful. All three teenagers in our house used the electric shower last night so we got a timely reminder of what it looks like when a 10kW appliance runs for about an hour, more or less continuously. It was eye-watering. I’ll be having a word.
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Old 17-11-2021, 10:05   #247
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Re: Energy companies collapse

Quote:
Originally Posted by Chris View Post
Yes, they dont do fixed rates or introductory bribes - just one basic rate (although they do now also offer an economy electricity tariff for EV owners). I guess this may have made business planning slightly simpler for them. It has certainly given them the necessary flexibility to move all their customers onto the Ofgem maximum tariff.

They installed our smart meter last week and against all expectations it has done something useful. All three teenagers in our house used the electric shower last night so we got a timely reminder of what it looks like when a 10kW appliance runs for about an hour, more or less continuously. It was eye-watering. Ill be having a word.
they used to do introductory bribes as I almost got all my gas paid for one year by referring people
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Old 17-11-2021, 10:06   #248
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Re: Energy companies collapse

Quote:
Originally Posted by Chris View Post
Yes, they dont do fixed rates or introductory bribes - just one basic rate (although they do now also offer an economy electricity tariff for EV owners). I guess this may have made business planning slightly simpler for them. It has certainly given them the necessary flexibility to move all their customers onto the Ofgem maximum tariff.

They installed our smart meter last week and against all expectations it has done something useful. All three teenagers in our house used the electric shower last night so we got a timely reminder of what it looks like when a 10kW appliance runs for about an hour, more or less continuously. It was eye-watering. Ill be having a word.
You've got teenagers that take a shower
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Old 17-11-2021, 10:07   #249
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Re: Energy companies collapse

that is 2 quid gone poof just like that

Mind you a 10KW shower must be awesome
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Old 17-11-2021, 11:46   #250
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Re: Energy companies collapse

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Originally Posted by Jaymoss View Post
that is 2 quid gone poof just like that

Mind you a 10KW shower must be awesome
I should report you to the Woke Police for that.
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Old 17-11-2021, 14:16   #251
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Re: Energy companies collapse

Quote:
Originally Posted by Jaymoss View Post
they used to do introductory bribes as I almost got all my gas paid for one year by referring people
Yeah sorry I was meaning bribes as in reduced rate tariffs for the first six months and that sort of thing - stuff that would hamper their flexibility if they needed to suddenly increase their tariffs. Some other energy companies have found themselves selling at a significant loss in recent months because they have customers on those sorts of deals.
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Old 22-11-2021, 13:59   #252
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Re: Energy companies collapse

And now Bulb teeters on the brink …

https://www.bbc.co.uk/news/business-59373198

---------- Post added at 12:59 ---------- Previous post was at 12:51 ----------

We appear to have reached the point where the customer reassignment process is broken.

Quote:
Bulb will become the first company to placed into "special administration", where it is run by the government through the regulator Ofgem.
This measure is only used if Ofgem is unable to find another company to take over an energy firm's customers.
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Old 22-11-2021, 14:35   #253
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Re: Energy companies collapse

From Bulb website.

https://bulb.co.uk/blog/bulb-special-administration/

Quote:
Special administration

Special administration is designed to protect the customers of a large energy supplier that’s become insolvent. The special administrator is required by the Government under the 2011 Energy Act to continue to supply energy to customers, and will protect customer credit balances. The process to appoint special administrators is not yet complete but we expect them to be appointed shortly.
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Old 22-11-2021, 15:18   #254
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Re: Energy companies collapse

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We had just switched to Green Energy from GOTO Energy, had only been with them for one month and had received back all our credit balance from GOTO. Then Green went under. So luckily I'm not in the hole moneywise.

I took meter readings the day Green went under and cancelled my Direct Debit.

I had an email saying I was being switched to Shell, but that was several weeks ago and heard nothing since. So I'll just bank what I was paying monthly to one side and wait.
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Old 22-11-2021, 15:22   #255
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Re: Energy companies collapse

I moved from Bulb to Shell in April this year, and have found them to be OK.

They, in fact, reduced my DD from 122 to 103 in August...
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