By Dean Dunham – 28 November 2021
Three more energy firms have gone bust this week; Bulb, the UK’s seventh biggest energy firm with over 1.7 million customers, Neon Reef and Social Energy. News of further energy firms going bust is inevitable. If you’re a customer of one of these doomed suppliers here’s what you need to know
I have a credit with my supplier, will I lose it?
No, you will not lose any credit you have with it. The regulator, Ofgem, has made it clear that credits are always protected when an energy supplier goes bust.
Is my supply going to stop?
No, in relation Bulb it has been placed into ‘special administration’ which means it will continue to trade and supply energy, albeit funded by tax payers money. With the other doomed firms you will be moved to an alternative supplier, details of which Ofgem will provide.
I’ve made a Warm Home Discount application via Bulb, what will happen with it?
This is more tricky as the position is far from clear. It appears to me that your application may now not proceed meaning you will have to start a new application with a new energy supplier. I have asked Ofgem to clarify the position but have not yet received a response.
Should I look for a new supplier now?
Another tricky question. Energy experts are advising consumers not to switch yet, but if you need to make a Warm Home Discount application you may need to in order to get your application moving. If you’re in this situation make sure you have evidence of any credit you are owed and a screen shot of your online account (if you have one) before moving.