Frequently Asked Questions...
What happens when your energy supplier goes bust?
It's unlikely that your supplier will go out of business, but if it does, the regulator, OFGEM, provides a safety net that will make sure you'll always have an energy supply.
Here are five things to know if you hear that your energy supplier has gone out of business:
1. Will I lose my supply?
No. OFGEM will arrange for you to move to a new supplier and your energy supply won't be disrupted. You probably won’t notice any change until your new supplier contacts you.
2. Can I choose my new supplier?
No. OFGEM will appoint your new supplier, following a "competitive process designed to get the best deal for you". Once you are with your new supplier, that is the time to look around for a fresh deal.
3. Will my bills go up?
Your new supplier will put you on a special "deemed" contract, which means it's a contract you haven't chosen. Your bills may therefore increase, as these contracts can be more expensive, although OFGEM will endeavour to get the best deal for you.
Your new supplier will receive any outstanding credit balance you may have with your current supplier. Once you are with your new supplier, they will contact you to explain how your new account will work.
4. I had made a complaint to my old supplier and I'm still waiting for it to be resolved. What happens now?
If you had made a complaint to your old supplier and it had not yet been resolved, you will need to raise the issue again with the new supplier once OFGEM has chosen them.
The new supplier will review if the complaint is still relevant now that you have transferred to them, or if it can be closed.
5. Can I switch supplier?
OFGEM advises consumers not to switch immediately, and instead to wait until your new supplier has got in touch with you.
Once you've been contacted, ask them to put you on the cheapest deal, or shop around if you aren't happy with them as a supplier.
You won't be charged exit fees.