WTF .... two energy companies I'm with go bust in 4 months!

[tellmewhentheLangshiplandscoz]

Aaaggghhh.

We were with Tonik energy who ceased trading in Sept/Oct. Scottish Power took over supply (we've still not had credit balance back and SP asked us to email the administrator for old provider to gently remind them ).

So in November (ish, may have been October) we do a Martin Lewis Cheap Energy Club comparison and a company called Green Energy Network come up looking good. Excellent, switcheroo time. We've had a direct debit come off with them, final billing with Scottish Power almost sorted.

Guess what's happened to Green Network Energy? Yup. The fuckers have ceased trading.

How can an energy provider be actively taking on new customers and then go belly up overnight?

Apologies for the swearing, I'm so cheesecake off. I had t even got our first credit balance back and I've another to try and chase now. I'm best sticking with the over priced big boys aren't I?

I’m in a similar position as you, @tellmewhentheLangshiplandscoz, mid transition from Green Network, but I am hoping that the transfer will go ahead anyway. The only concern is if they owe me money, but again, I’m trusting that OFFWAT will ensure that’s transferred over. Should I be worried?

YANBU. I'm stuck with an unknown outstanding bill from an account being created in my name without consulting me!!

Me too. Got an email from Green Energy inviting me to renew my contract with them. Same day I saw a newspaper report saying they had gone bump.
I believe I now have to wait for the powers that be to transfer me to a new supplier before I can shop around for better deals.

Green Network Energy or Green Energy UK?

Yes, think the advice is sit tight till everything is set up. Then chase whatever is outstanding and/or switch.

I'm quite pissed off that they can take on new business when they're close to going bust? Not happy with Martin Lewis either, that bugger recommended them. Guess I won't see that cashback.

Ok folks, glad I'm in good company. I'm going to need a drink before Friday night at this rate ...

Why Green Network Energy.

Didn't know Green Energy Network had gone. We were happy with their service but swapped for a better deal 2 months ago.

I'm quite surprised that a company recommended by Martin Lewis would have gone bust, were there some special circumstances.

When it comes to energy I'd rather pay a little more for a big name as the hassle if they go bust isn't worth it to me for a few ££

I'm interested when I hear about service from an energy provider, in the past 10 years I can't think of any time I've had to contact mine, what sort of things do people speak to them about?

It’s because the “overpriced big boys” aren’t overpriced they’re more robust. New start ups try and undercut and then realise they can’t sustain a business at the prices they’re selling g at.

Still shop around yes, but if it seems cheap it might not be making the supplier enough to survive.

I'm a green network energy customer too...ironically I switched from EDF for a better deal and am now being switched back to EDF! Shame really as I found GNE easy to deal with and the prices were good. Too good it now seems.

How does a company that doesn’t even manage infrastructure go out of business all they’re doing is reselling

Just found out that we’re being switched to EDF too. Being promised cheaper rates until September.
Will wait until everything has been moved across successfully, including my credit balance, and then do a comparison check.
I would assume that we are free to move without penalty as we did not chose the supplier.

400,000 UK homes affected by the collapse of two suppliers😒
Last week news broke that Green Network Energy and Simplicity Energy both folded, leaving more than 400,000 customers in the lurch.
They are the two latest suppliers to buckle in the current climate. Loss-making introductory tariffs might be great for luring customers in, but they often prove unsustainable.
What’s next for the customers affected?
Current customers of both companies have been advised by Ofgem to stay put for now – the watchdog will oversee the transition from one supplier to the next. And importantly, all customers can rest assured that their energy will carry on running as normal.
This temporary solution is still far from ideal, with many people worrying about their outstanding credit balances, who their next supplier will be, and how long the whole process will take.
Once things calm down, there is always help..

FFS we were with Spark and they went under. Got switched to SSE. We are mid way through switching to Green Network Energy

I never really understood this. The gas/electric comes through the pipe/wire. Its the same product with the same infrastructure. How can different people own its sale and sell it at different prices.

Beside the point but its always perplexed me

[quote MissSunnyDays]I really recommend Octopus - cheapest by miles for three years now and I’ve never had an issue (often I refund hundreds at end of year)

Use my link for £50 off first bill

share.octopus.energy/gray-grove-480[/quote]
What tariff is that, I've never found much difference between the top few suppliers when I do a comparison search, how did you find one that was cheaper by miles?

I know it depends on where you live but I've still never found a stand out cheaper deal.

@LemonSwan

I never really understood this. The gas/electric comes through the pipe/wire. Its the same product with the same infrastructure. How can different people own its sale and sell it at different prices.

Beside the point but its always perplexed me

I've always wondered this too

[quote MissSunnyDays]I really recommend Octopus - cheapest by miles for three years now and I’ve never had an issue (often I refund hundreds at end of year)

Use my link for £50 off first bill

share.octopus.energy/gray-grove-480[/quote]
My dads just switched to these too.

I'm fed up of the ball ache so planning to sit tight until summer as EDF have promised new tariff will be cheaper than I'm on now. Then I'll switch .

@LemonSwan

I never really understood this. The gas/electric comes through the pipe/wire. Its the same product with the same infrastructure. How can different people own its sale and sell it at different prices.

Beside the point but its always perplexed me

Simplest answer is the big suppliers buy loads of energy in advance and lock in the price on the energy markets. They price to cover that cost

A lot of the smaller new suppliers gambled. Didn’t lock in the cost as it looked to be lower/coming down. Priced that lower cost to their customers but the cost went up and they couldn’t cover it

Suppliers decide how much of the future energy cost to lock in and how much to gamble with. That meant they can price differently but there are different risks

Thanks Bill for the explanation.

Not going to lie it still makes about as much sense as the stock market to me lol!

@LemonSwan

Thanks Bill for the explanation.

Not going to lie it still makes about as much sense as the stock market to me lol!

Funny you say that as the longer answer is all about traded energy costs, forward curves and hedges so it’s very closely related.