Are you worried about your Energy Company Going Busted next
In the News
The headline says "Four more smaller energy firms could go bust next week"
But the article doesn't name the companies. The reason is due to the soaring wholesale gas prices.
The price rises have left some companies unable to provide the energy they have been paid for and they have asked larger players to bid to take over the supply of over one million customers.
These will join the two companies which have already ceased trading
Edinburgh-based People's Energy & Dorset-based Utility Point, which I had never heard of.
Do you think this will end competition and it will go back to just the big players
We used to be with Utility Point in our old house. We had to threaten to take them to the financial ombudsman to get the money they owed us. I reckon they were hoping they could keep delaying it and the company that took them over would have to deal with it.
I've heard of People's energy before, although don't know much about them.
We moved into a new house and are now with bulb as they were the cheapest, so I'm hoping nothing happens to them.
Sorry to be the bearer of bad news but it appears that Bulb is in crisis talks - https://www.mirror.co.uk/money/four-more-energy-firms-set-25024602
Below is a link to an article dated 19th September 2021 that hints at the four companies that are likely to go bust. Something I heard on the radio today said there will be numerous other smaller energy companies who will not survive for long.
These are the four hinted at: Avro Energy; Symbio Energy: Bulb Energy; Green Energy.
Make up your own minds: https://www.energy-review.co.uk/guides/which-energy-suppliers-are-going-bust/
I do hope not, in truth these companies are a monopoly; their prices are so closely related and when one has a price rise, they all have a price rise! Where are the monopolies commission when you need them? - Probably playing monopoly
We were with utility point until fairly recently when they transferred us to Neon Reef (same address!) so we are keeping an eye on the news....
Another three more energy firms go bust amid gas price rise, Enstroga, Igloo Energy and Symbio Energy.
I'm with symbio which has gone bust this week. I'm pretty worried about what it means for proves on the short term. I wish we had more savings to fall back on but the cost have everything has gone up recently.
I know what you mean everything has gone up except my pay. Luckily enough it's been warm we are going to try not to put the heating on until we have to.
I'm with E-on and on a fixed tariff until April next year. I've been with them a little while and they still haven't paid my £60 cashback at topcashback though. I switched my mother to Green Energy sometime ago and of course they are now out of business and the accounts taken over by Shell Energy so her prices will be much higher sadly. Once its settled she can switch away but her prices will rise a lot I'm sure.
It's a worrying time for us all. The company I use is affiliated to Utility Point, who we used to be with, so we are watching this space....
We had an email from Bulb yesterday telling us our monthly bill would be increasing by £20. I was expecting it and it isn't any more than our previous monthly bill was in our old house so still affordable. I am however doing everything I can to use less electricity and gas.
We had an email yesterday saying our energy firm has gone. We have taken a screenshot to show our account credit and have photos with meter reading. Just waiting to see which company we will be allocated to.
I thought we were with bulb but luckily enough my husband had changed, but I think costs are going to rise across the board
My energy company has just gone bust but had an e mail Monday to say i'm being taken over by Shell, hopefully my credit etc will all transfer over smoothly.
MelissaLee1963 please do not share referral links or codes, it could lead to your account being restricted. Thank you
I was with people's energy and British gas have taken over. I believe credits etc are being moved over too
Hopefully, it's just lots of people were on a fixed tariff, I'm worried about the lack of competition will lead to even bigger price rises
beccatavender for sure, I was on a fixed tariff and BG are increasing it (unsure to what) but I'm fairly sure credits were carried over. They are making a new tariff for those transfering ocer.
went from peoples energy and put on British gas.... a hike of 35% automatically on my bill......
I have changed supplier asap.
I thought that prices, but didn't think it would be that high. I am trying to hold out and not putting the heating on as long as possible as worried out the heating bills.
beccatavender from 14p a unit to 21p........ plus standing charge increase. They have hidden the tarriffs, tokk about 4 pages click throughs to fin them...... I have moved to Neon Reef, hoping they don;t go bust too soon haha
Not yet I have Always stuck the above, I do worry about all the people losing work and older people or young families that are more vulnerable.
Yes mine has (not a surprise !-good while it lasted !) I expect to be paying 30% more once I am reassigned to another company .
Golfforall Very unstable times at the moment, hope it is short lived. The trouble is prices rarely go back down again .
Hopefully we are not going into stag inflation, only recently heard this term, it means stagnant economy with high inflation Howmuch
I wish I knew , Best guess is that they will stabilise (or maybe even go down next spring ) -but there are certainly no deals to be had at the moment (I've looked ) .
Best advice , if you're on a fixed deal stick with it , if you're not bear the pain and budget for a 30% rise .
My thoughts on this and other things https://www.latestdeals.co.uk/chat/inflation-will-hit-us-prepared
Could one of the big six energy suppliers collapse?
I think that we can't rule anything out especially as " No commitment from Kwarteng on business gas help"
https://metro.co.uk/2021/10/10/could-one-of-the-big-six-energy-suppliers-collapse-15395510/
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