Energy Companies Going Bust

[curlygirlies]

What happens if you are in credit with your energy company and it goes bust? I'm in credit £135, will I lose that if another company takes mine over? Should I ask for a refund now?

[dave50]

It's transferred to the company who takes over your account.

[AuntPG]

https://www.mirror.co.uk/money/what-happens-your-energy-supplier-25026400

[mjwman]

WE were with Peoples Energy. Just had an email telling us we are being switched to British Gas after which we can choose where to go.. Awaiting further details.

[Buenchico]

Ofgem protects your account when an energy supplier goes bust (as 60 firms, out of the 70 that existed in January, are expected to do before the end of this year):
https://www.ofgem.gov.uk/information-consumers/energy-advice-households/what-happens-if-your-energy-supplier-goes-bust

[davebro]

I'm with Shell (used to be First Utility). I suppose it's independent from the oil company but I don't expect it to go bust.
I notice though that a recent proliferation of fixed rate deals has now been reduced to just 1 x 3 years fixed & the standard variable rate.

[DTCwordfan]

Is there a list of those companies that have gone bust and, more importantly thought to be under the gun?

[AuntPG]

I'm with bulb and on their site the word is they are in talks with the government for a potential bail out. I'm £175 in credit with them at the moment, yet they are advising me to up my monthly payment by an extra £20 per month.

[DTCwordfan]

I did read that credits are taken across in account switching....

was wondering if anybody has heard anything about Foxglove (out of Leicester) or their subsidiary brand Outfox the Market - not for me but for a relative....

[Buenchico]

These have already gone bust this year, DTC:
Simplicity (January 27)
Green Network Energy (January 30)
HUB Energy (August 9)
PFP Energy (September 7)
MoneyPlus Energy (September 7)
Utility Point (September 14)
People’s Energy (September 14)

Bulb (which is the 6th biggest supplier) has been seeking emergency funding and so looks to be in trouble. Green is expected to go under soon.

This graphic (which incorrectly shows Bulb as having already failed) shows who the big firms are (who might well be expected to survive) and who the smaller, more vulnerable ones are:
https://i.dailymail.co.uk/1s/2021/09/21/09/48186653-10008673-image-a-1_1632212474115.jpg

[curlygirlies]

Thank you for your replies x