With increased global demand and issues with supply, energy prices have reached unprecedented heights. As a result, a number of energy suppliers have gone bust.
So, what happens when the company providing you with gas and electricity suddenly isn’t around anymore? We’ve collated some common worries to help make things a little clearer.
What happens to my energy supply?
Don’t worry – you won’t lose your gas or electricity. The energy regulator Ofgem has created a ‘safety net’ to make sure that anyone affected isn’t left out in the cold.
You shouldn’t notice any difference in your gas and electricity supply.
What does Ofgem do when a supplier goes bust?
Ofgem’s priority is to make sure that you keep getting your energy.
They’ll work to switch you over to a new energy supplier and will do their best to make sure that you’re not left out of pocket on any new tariff.
The whole process should only take a few days. Your new supplier should then be in touch with details of your new tariff.
It’s a good idea to take a meter reading so the new supplier gets an accurate record of how much energy you’re using.
Will my smart meter still work?
If the new supplier uses smart meters, then yes. The switch should be seamless and your smart meter should work as normal.
If not, you’ll need to send meter readings as you would with a traditional meter.
If you then switch to a new supplier that does use smart meters, yours should start working again as normal.
Can I switch suppliers after Ofgem has moved me?
Ofgem will do its best to put you on a tariff that’s competitive and as low-cost as possible. But it still might not suit your needs.
At the moment, the energy market is turbulent and there are fewer deals to choose from. But when normality eventually resumes it’s worth comparing energy suppliers to see if you can get a better deal elsewhere.
Will there be an exit fee for switching to a new supplier so soon?
Ofgem has said you won’t have to pay an exit fee if you decide to switch energy supplier after you’re moved to their appointed supplier.
I was in credit before my previous supplier went bust. Do I lose this?
Your new supplier should pay you back anything you’re owed from your account, minus costs for energy you’ve used during the switching process.
Your new supplier should contact you with details about how this works.
Who do I get in touch with if I have any concerns?
Once your new supplier has contacted you, you can drop them a line if you’ve any issues. If you’re still waiting to hear from them and have questions, get in touch with Ofgem.