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whelk
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My supplier has just gone bust. Did quick look on U switch and got to expect another £50 per month.

Haven't looked fully into what I have to do if don’t move ie who Ofgem give me.

What with this and NI increase, shortage of goods, voters aren’t going to be having  a ‘feel good’ mood towards the government.

 

 

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https://news.sky.com/story/energy-crisis-how-long-will-it-last-and-what-happens-if-your-supplier-goes-bust-12412648

Quote

What if your supplier goes bust?

Mr Kwarteng said on Twitter: "If a supplier fails, Ofgem will ensure customers' gas and electricity supply will continue uninterrupted.

"If a supplier of last resort is not possible, a special administrator would be appointed by Ofgem and the government.

"The objective is to continue supply to customers until the company can be rescued or customers moved to new suppliers."

According to Citizens Advice, UK customers will still continue to receive gas or electricity even if the energy supplier goes bust. Customers will be switched to a "supplier of last resort" and any credit with the older energy provider will be transferred across.

Households are advised to take meter readings as they will need to pass these on to their new supplier. Customers do not have to stay with a supplier of last resort but they should wait until their account is set up and any credit is transferred before switching.

 

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1 hour ago, Lord Duckhunter said:

Cheers and sounds promising. Account  says I am £300 in credit and thought best cancel the direct debit

I gave up on one of those switch providers as constantly saying they would switch me but weren’t comparing similar tariffs so bit of a racket as we’re switching me to pay more.
when all the Martin Lewis types preaching save by switching I really can’t be arsed and don’t mind if switch me back to British Gas

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8 minutes ago, Lord Duckhunter said:

It’s fixed unless your supplier goes bust. The new supplier doesn’t need to honour that agreement, just offer you it’s standard tariff. 
 

Not so according to Telegraph

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If you are on a fixed-term deal then you are protected from the increase in price. After your deal expires you will be moved to the company’s standard variable tariff, which is limited by the price cap.

Quote

 

Supplier goes bust

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19 minutes ago, Picard said:

Not so according to Telegraph

Supplier goes bust

Martin Lewis was specially asked this question on 5 live last week, and confirmed the new supplier didn’t have to honour a previous supplier deal, making the point that the reason they went bust was probably because their tariffs  were unsustainable anyway . His website says this.

“When a new supplier's appointed, you'll likely be moved to a new deal – which may cost more. Ofgem says it's likely your current deal will end and you'll be moved to a special 'deemed' contract (a tariff you won't have chosen). These tend to be pricey, so it's possible your bills will go up.”

 

Why would any new supplier honour a contract they didn’t negotiate and managed to bankrupt the previous one? Ofgem says it’s “likely” your deal will end, I’d say it’s pretty fucking certain. 

Edited by Lord Duckhunter
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56 minutes ago, whelk said:

Two more companies gone to the wall today. 

The business secretary was on radio 4 yesterday saying he expected a percentage of energy suppliers to go to the wall every year, and that this is good for competition and shows the market is functioning as it should. Moronic.

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Government policy has turned this from a short term crisis into a long term disaster, and we’ll be paying for this for years to come. It’s another example of “so called” Tories interfering with the market with unintended consequences.

The Government imposed rate cap is now forcing suppliers  to sell energy at a loss. If this continues only the big companies will have the reserves to weather the storm. Capitalism relies on poor businesses going bust, but setting an artificial tariff below cost price means smaller viable ones will go as well. The upshot of this is when the wholesale rate falls, the cap will still be high (as it reflects previous wholesale prices) but lack of competition (as the disrupters have gone tits up) mean the big boys will have no need to offer particularly competitive prices. We’ll be back where we were when everybody was screaming about cartels and the big 6 companies stitching things up. 
 

If the was no rate cap, prices would be higher now, but I bet over a 5 year period they’ll be a damn sight lower than they will be. Competition lowers prices, not Government imposed rates. If it was Corbyn or Milliband I could understand it, but this lot are meant to understand how markets work. 

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8 minutes ago, Plastic said:

 

The business secretary was on radio 4 yesterday saying he expected a percentage of energy suppliers to go to the wall every year, and that this is good for competition and shows the market is functioning as it should. Moronic.

Profits before principles, shareholder dividends above all else.

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14 minutes ago, Plastic said:

 

The business secretary was on radio 4 yesterday saying he expected a percentage of energy suppliers to go to the wall every year, and that this is good for competition and shows the market is functioning as it should. Moronic.

That’s how free markets function, so he’s right about that. Whether there should be a market in energy is open to debate, but once there is, suppliers will go bust. What’s moronic is Government policy bankrupting viable businesses. 

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1 hour ago, Lord Duckhunter said:

That’s how free markets function, so he’s right about that. 

I agree with your other point in relation to anticompetitive practices, but you are wrong here. We aren’t talking about department stores or airlines, energy suppliers are critical service providers, meaning the competition are forced to take on their customers when they fail. This is not a function of an efficient or free market. 

Edited by Plastic
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16 minutes ago, suewhistle said:

Fortunately I've got solar panels and a wood-burner

I've just ordered a tank refill for my oil powered boiler and a pallet of logs for the log burner. Both pretty much the same price as 6 months ago. Should keep me going until Spring  Sometimes it pays to be old fashioned!

Edited by trousers
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6 hours ago, buctootim said:

Including mine Avro. Pity - they had the best deals a year ago.   J

Mine too - they were ridiculously cheap, too cheap as it turns out, but I was with them for 3 years so can’t complain.

Will probably get moved to British Gas (thanks Ofgem) but as soon as my credit gets sorted out will switch to Octopus.

They look a decent company - I’ll have to pay more obviously,  it looks more stable than Avro, and with zero switching fees and

competitive prices (at present) what’s not to like?

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9 hours ago, trousers said:

I've just ordered a tank refill for my oil powered boiler and a pallet of logs for the log burner. Both pretty much the same price as 6 months ago. Should keep me going until Spring  Sometimes it pays to be old fashioned!

Trousers,

You and Sue will have the Climate Protestors round your gaffs in quick order.

Wood burning stoves, which were once promoted as a good thing, are now on the list of high polluters!!!

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True dat, but my near neighbours in the terrace offer me wood and kindling, so reckon I won't get complaints there and at least I'm not taking gas away from them.  It helps to burn efficiently with seasoned wood. All mine is scrounged and processed myself and I work 2/3 years ahead. Trousers is obviously posh 'coz he actually buys wood!

 

I'm with Octopus who are well financed. They are also good at their calculations for hedging and fixing futures so hope they'll be OK. All the companies do this based on their own consumers, which is why they will be objecting to taking on new customers for which they cannot haven't calculated and can only supply based on buying in expensive power from the wholesale market.

I was on Octopus Agile and still have the app which shows me the half hour prices which are based on the wholesale market and even though they are capped at 33p they are frankly horrendous all through the 24 hours. We need the autumn gales as soon as possible!

Edit: you've reminded me I need to get the sweep in. Last three years he's been round, had a look and told me it doesn't need sweeping..

Edited by suewhistle
sweeping up
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Stitched right up by Avro here really. I haven't been able to submit a meter reading since April as they fucked up my online account. That means that for the last 6 months I've been paying rates similar to last winter when my dad was still alive, as opposed to summer time when less gas and electricity is used especially with just me living in the house. So those rebates I should have got are long gone now. 

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2 hours ago, Saint_clark said:

Stitched right up by Avro here really. I haven't been able to submit a meter reading since April as they fucked up my online account. That means that for the last 6 months I've been paying rates similar to last winter when my dad was still alive, as opposed to summer time when less gas and electricity is used especially with just me living in the house. So those rebates I should have got are long gone now. 

They can still tell usage without meter readings. However Utility Point portal down at moment so cannot enter anything. Everything I have been sent suggest transition will be smooth and any credit passed on - even though they ask for meter readings they don’t do that on trust.

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5 hours ago, suewhistle said:

True dat, but my near neighbours in the terrace offer me wood and kindling, so reckon I won't get complaints there and at least I'm not taking gas away from them.  It helps to burn efficiently with seasoned wood. All mine is scrounged and processed myself and I work 2/3 years ahead. Trousers is obviously posh 'coz he actually buys wood!

 

I'm with Octopus who are well financed. They are also good at their calculations for hedging and fixing futures so hope they'll be OK. All the companies do this based on their own consumers, which is why they will be objecting to taking on new customers for which they cannot haven't calculated and can only supply based on buying in expensive power from the wholesale market.

I was on Octopus Agile and still have the app which shows me the half hour prices which are based on the wholesale market and even though they are capped at 33p they are frankly horrendous all through the 24 hours. We need the autumn gales as soon as possible!

Edit: you've reminded me I need to get the sweep in. Last three years he's been round, had a look and told me it doesn't need sweeping..

I am training an 8 year old to be a fruit picker or a HGV driver but small enough to navigate through a chimney or even a drain if push came to shove!!

Decent rates but cash only..

 

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53 minutes ago, whelk said:

They can still tell usage without meter readings. However Utility Point portal down at moment so cannot enter anything. Everything I have been sent suggest transition will be smooth and any credit passed on - even though they ask for meter readings they don’t do that on trust.

My mum is with Green, so I popped down this morning and took readings and photographs as well, which I think is a good idea more generally. Still not sure what happens next but mum is too old to worry about it all so I need to wander off and do some research..

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2 hours ago, Warriorsaint said:

Can anyone tell me if any French, German or American utilities companies going bust?

https://www.reuters.com/business/energy/germany-braces-energy-supplier-casualties-2021-09-21/

"FRANKFURT, Sept 21 (Reuters) - Some German power suppliers could go insolvent due to soaring wholesale prices that are hitting consumers worldwide and have squeezed out companies in Britain, energy experts said on Tuesday."

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3 hours ago, Warriorsaint said:

Can anyone tell me if any French, German or American utilities companies going bust?

Enron?

Plenty of US fracking companies have gone bust in the recent past due to lowering prices, leaving their pollution behind for others to pay for. With the upsurge in prices I'm sure they'll be some phoenix companies around to do the whole thing over again..

 

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43 minutes ago, suewhistle said:

Enron?

Plenty of US fracking companies have gone bust in the recent past due to lowering prices, leaving their pollution behind for others to pay for. With the upsurge in prices I'm sure they'll be some phoenix companies around to do the whole thing over again..

 

I am talking relatively recently like the companies going bust in uk due to supposed global conditions. I, with admittedly my anti brexit bias, attribute a lot of the issues here down to brexit exacerbating the issue.

If it is exactly the same everywhere in the world to the same extent then I can happily accept that.

If, however, it is happening in the UK because the media is not telling us the international dimension then I can attribute our issues, at least in part, to the unique issue of Brexit having a disproportionate effect on our utility companies.

 I am not fully aware of the global picture so can be persuaded but it does seem more than coincidental.

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