GB Energy

[johnjordan]

Literally minutes before the BBC announced that GB Energy had gone out of business

I completed a switch to EON via a comparison website.

 

My question is

should I stop the switch and await OFGEN to put me with a new supplier or is it OK to let the switch progress?

I should add that I am about £150 in credit with GB which OFGEN say is safe.

 

Advice appreciated.

 

Thank you.

[unclebulgaria67]

Literally minutes before the BBC announced that GB Energy had gone out of business

I completed a switch to EON via a comparison website.

 

My question is

should I stop the switch and await OFGEN to put me with a new supplier or is it OK to let the switch progress?

I should add that I am about £150 in credit with GB which OFGEN say is safe.

 

Advice appreciated.

 

Thank you.

 

Cannot see why you would not just allow the Switch to go ahead. EON will contact you about the process of starting your account with them. Whoever is dealing with admin for GB Energy will contact you regarding your last bill with them and any refund due.

 

I suspect many GB Energy customers will be switching and not waiting until OFGEN sorts it out.

[BankFodder]

An energy firm with 160,000 customers has ceased trading, blaming recent rises in energy prices.

In a statement, GB Energy Supply said that as a "small supplier" business had "become untenable", but assured people their supply would not be affected.

Ofgem said it would appoint a new supplier and stressed that outstanding credit balances were protected.

The energy regulator advised customers to take a meter reading and wait until their new supplier contacted them.

In a letter to customers on the GB Energy Supply website, managing director Luke Watson said: "Due to swift and significant increases in energy prices over recent months and, as a small supplier our inability to forward buy energy to allow us to access the best possible wholesale prices, means that the position of the business has become untenable."

BBC business correspondent Joe Lynam said that although crude oil prices had almost doubled since the start of the year to just under $50 per barrel, that was still less than half the price seen in 2014.

Many industry watchers expected the cost of heating our homes to rise next year owing to global prices and a weaker pound, he added.

Citizens Advice has assured customers of the Preston-based company not to worry.

 

 

http://www.bbc.com/news/business-38119754

[johnjordan]

OK, Thanks both, I'll let things run and hope for the best.

 

Thanks again.

[citizenB]

https://www.thesun.co.uk/living/2271230/gb-energy-supply-goes-bust-affecting-160000-customers-as-small-gas-and-electricity-firm-blames-rising-costs/

 

 

 

Points from MoneySavingExpert's, Martin Lewis

 

 

1. You will not be cut off. Ofgem will find another supplier to take over the business and you will continue to get energy meanwhile

2. Your credit is protected. If you are in credit, you will get this back likely once the new supplier is appointed.

3. Take a meter reading ASAP. Write this down right now, it will be important for the transfer process.

4. Do not switch now, until the firm is transferred to a new supplier, that could risk you not getting any credit you are in back (this is unconfirmed, the process is new, but I believe that’s the situation).

 

 

Apparently Ofgem have said that any credits will be protected.

[Michael Browne]

https://www.ofgem.gov.uk/publications-and-updates/ofgem-ensures-secure-energy-supplies-gb-energy-supply-customers

[E.ON Company Rep: Malc]

Literally minutes before the BBC announced that GB Energy had gone out of business

I completed a switch to EON via a comparison website.

 

My question is

should I stop the switch and await OFGEN to put me with a new supplier or is it OK to let the switch progress?

I should add that I am about £150 in credit with GB which OFGEN say is safe.

 

Advice appreciated.

 

Thank you.

 

Morning johnjordan and thanks for switching to us.

 

You say the switch has completed. Do you mean all has gone through and we're now supplying you? Or is it you've completed an application through a price comparison site?

 

If all's done and dusted, you won't be able to stop the switch but, if you've only just applied, you'll be in the 14 day cooling off period. This will have started from the day you applied and you can stop a switch anytime within this window.

 

Should all go through, we'll send our opening meter readings to the old supplier (now being looked after by Co-op Energy). They'll use the same readings to close their account and issue a final bill. This might affect the credit you mention.

 

Hope this helps johnjordan.

 

Malc

[johnjordan]

Thanks for that. I've decided to take OFGENS advice and wait for everything to settle down and see what the supplier they appoint, which I understand is to be Co-Op are offering. I have emailed Comparethemarket asking them to stop the transfer for the time being.