Worried about your energy supplier going bust?

Don’t worry, you’ll still have gas and electricity even if your supplier goes out of business. The gas and electricity regulator, Ofgem, will move you to a new supplier but this usually takes a few weeks.

New Supplier 

Your new supplier should contact you and explain what will happen with your account.  

 If your account is in credit your money is protected, and your new supplier will tell you what will happen to your credit.   

If you’re a small business customer, Ofgem will try to choose a supplier that can refund some or all your credit, but this is not guaranteed. Your new supplier will tell you how you’ll be paid back. 

Get prepared 

There are a few things you should do while you wait to hear from your new supplier. 

  1. If you have an online account, it’s a good idea to log in, check your balance and download any bills.  
  2. Take meter readings – it’s useful to take a photo of your meter readings too. 
  3. Keep any old bills you have – these can help prove your payment history, credit balance or debt. 
  4. Make a note of your account balance – you’ll find this on your most recent statement. 
  5. If you pay by direct debit, don’t cancel it straight away. Wait until your new account is set up. 

 Your new supplier will write to tell you when your new account has been set up. This should happen within a few weeks. If this doesn’t happen you can check out your new supplier using this link bit.ly/2XGke9H 

If your new tariff is more expensive 

Contact your new supplier to make sure you’re on the best tariff for you. 

 You can switch 

If you’re not happy with your new supplier or tariff. Then you may want to switch, you can do this without paying an exit fee.  

Please remember
Don’t switch tariff until your account is moved to the new supplier. You might find it harder to get any money you’re owed if you switch before this happens.

f you need support on discussing your energy options, then contact Citizens Advice Calderdale on 0808 278 7879 and ask to speak to our energy adviser.  

FREE information sessions 

If you’d like a bespoke session on energy savings from our qualified trainer then contact susan.thorpe@calderdalecab.org.uk

More on the Citizens Advice sessions on energy management in winter

One thought on “Worried about your energy supplier going bust?

  1. If you a Smart Meter you may also need to check its compatibility with your new supplier. Depending on which type you have (we have the original Version 1 type) you may have to read your own meters for a while until the transfer is complete. One helpful consumer site stated: “If you have an older first generation smart meter, they can temporarily lose some of their functionality following a switch, but this just means you may have to read the meters yourself for a little while”.

    Have you tried reading a Smart Meter? Unless you have a manual you will not find it as simple as the old meters that “just worked” – be prepared!


Comments are closed.