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worzel

GB Energy Supply Gone Bust

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Mirror Article

I was / am with these guys. They were the cheapest when I signed up. It seems they offered fixed rate deals without forward buying the energy to match against what they had sold. I guess I wont have to pay a leccy bill for a while whilst they sort the mess out.

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59 minutes ago, worzel said:

Mirror Article

I was / am with these guys. They were the cheapest when I signed up. It seems they offered fixed rate deals without forward buying the energy to match against what they had sold. I guess I wont have to pay a leccy bill for a while whilst they sort the mess out.

Paying your leccy bill is the least of your worries.(and it won't be like that as you will be transferred to someone asap). 

What you will find (as I did when the same happened to me 10 years ago) is that your meter readings will be lost.

As a minimum get your meter readings into any system you can access asap so that when the company is taken over you are only paying for electricity you've used rather than being double charged for x months of electric due to the last reading being incorrect. Likewise as soon as you have an account with the new supplier supply them with an up to date reading...

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1 hour ago, worzel said:

Mirror Article

I was / am with these guys. They were the cheapest when I signed up. It seems they offered fixed rate deals without forward buying the energy to match against what they had sold. I guess I wont have to pay a leccy bill for a while whilst they sort the mess out.

Sh1t I'm with them. Deal was too good to be true. What now then?

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Just now, Si1 said:

Sh1t I'm with them. Deal was too good to be true. What now then?

Wait for ofgem to assign you a new supplier. Advice is not to try and switch now, especially if you have a credit balance with them. The new supplier should take on the credit balance. You should also take a meter reading now according to the article, and just hold on to it pending the notification of new supplier.

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1 hour ago, worzel said:

Mirror Article

I was / am with these guys. They were the cheapest when I signed up. It seems they offered fixed rate deals without forward buying the energy to match against what they had sold. I guess I wont have to pay a leccy bill for a while whilst they sort the mess out.

Were the BoE helping them by buying their corporate bonds? Or are they only supporting the expensive big firms?

BG ENERGY CAPITAL PLC
DONG ENERGY A/S
E.ON INTL FINANCE BV
EASTERN POWER NETWORKS
ELECTRICITE DE FRANCE SA
ELECTRICITY NORTH WEST
ENGIE SA
ENW FINANCE PLC
LONDON POWER NETWORKS
NATIONAL GRID GAS PLC
NATL GRID ELECT TRANS
NIE FINANCE PLC
NORTHERN GAS NETWORKS
NORTHERN POWERGRID YORKS
NORTHERN PWRGRID HOLDING
RIO TINTO FINANCE PLC
SCOTTISH POWER UK PLC
SHELL INTERNATIONAL FIN
SOUTHERN ELECTRIC POWER
SOUTHERN GAS NETWORK PLC
SP MANWEB PLC
SSE PLC
SUEZ
VATENFALL AB
VEOLIA ENVIRONMENT SA
WALES & WEST UTIL FIN PLC
WESTERN POWER DIST EAST
YORKSHIRE POWER FINANCE
YORKSHIRE POWER SERV FIN
 

 

 

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4 hours ago, Si1 said:

Sh1t I'm with them. Deal was too good to be true. What now then?

I'm in the same situation. I'd been watching the wholesale markets and seen the news about the French nuclear problems, incidentally, I saw their latest fixed tariff and assumed that they had timed their hedging in the markets perfectly. Obviously, I signed up right away.

It had never even occurred to me that any company could be so rash as to offer a 12 month fixed tariff without hedging it!

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On 28/11/2016 at 7:55 PM, ChumpusRex said:

I'm in the same situation. I'd been watching the wholesale markets and seen the news about the French nuclear problems, incidentally, I saw their latest fixed tariff and assumed that they had timed their hedging in the markets perfectly. Obviously, I signed up right away.

It had never even occurred to me that any company could be so rash as to offer a 12 month fixed tariff without hedging it!

 

How companies make money:

Sophisticated sellers (that's energy companies) sell to unsophisticated buyers (customers, like you and me)

Now when unsophisticated buyers can suggest how to make money to sophisticated sellers, and they weren't even doing that - then boom! bye bye business model.

Edited by 200p

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Me?

I save on my energy costs by putting a jumper on and not turning the heating on.

Its cheaper and less likely to blow up in my face.

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