Economy Energy goes bust leaving 235,000 homes without a gas or electricity supplier
It comes after the supplier was last week BANNED from taking on new customers until it fixed its 'unacceptable' customer service
ECONOMY Energy has gone bust leaving 235,000 homes without a gas or electricity supplier.
It comes after the supplier was last week BANNED from taking on new customers until it fixed its "unacceptable" customer service.
Energy regulator Ofgem will now find a new supplier for affected customers while ensuring that their gas and electricity supply continues in the meantime.
If you're affected, don't switch to another supplier - you need to wait until Ofgem puts a new supplier in place.
You should also take a meter reading now, which you can pass on to your new supplier to ensure your bills are accurate.
If you're in credit, this will be honoured by the new supplier.
For those in debt, whether you'll have to repay this will depend on the deal Ofgem strikes with the new supplier.
The Energy Ombudsman says it was looking into more than 1,300 complaints about the failed supplier before it went under.
A number of customers have also complained on Twitter that they've been waiting months to have in-credit balances refunded.
One user called Laura tweeted: "Have been trying to recover an overpayment of funds from Economy Energy since August...
"The service we have received from Economy Energy has been appalling and this comes as no surprise."
Another called Brian said: "I am owed £372 by Economy Energy for credits built up with them. This has been going on since Nov 18. Why are allowed to get away with this."
Meanwhile Bernio wrote: "Get me my £300 balance back from Economy Energy."
Philippa Pickford, Ofgem’s director for future retail markets, said: “Our message to energy customers with Economy Energy is there is no need to worry, as under our safety net we will make sure your energy supplies are secure and your credit balance is protected.
“Ofgem will now choose a new supplier for you, ensure you get the best deal possible. While we’re doing this our advice is to ‘sit tight’ and don’t switch.
"You can rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your new tariff."
Six household energy suppliers have already gone bust.
These are Extra Energy, Future Energy, Gen4U, Iresa, Spark Energy, and Usio Energy.
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