GB Energy Collapse – Anyone affected?

Never heard of them - probably why they went into liquidation

It was said on Radio 5 this lunchtime, by Martin Lewis, that anyone who was with GB Energy should do nothing at the moment. All phone lines to both GB Energy and OfGem on this subject are down. There has recently been a scheme started by OffGen which ensures that any user of a failed energy com-any will be provided with power and put onto another supplier's scheme. This may take a little while and you will then be on a Standard Tarriff, and can then decided to switch, but don't do it yet!!!!

From the Guardian 4hrs ago :-

What happens if I am a GB Energy customer?

Nothing yet – your lights and central heating will continue to come on as if nothing had happened. Behind the scenes, the energy regulator Ofgem is currently in negotiations to appoint what is known as a “supplier of last resort”, a company to which all GB Energy’s customers will be moved en-mass, probably sometime next week.

Last month the regulator rather fortuitously announced it had put in place a safety net to guarantee that any customer who had built up a big credit balance with their supplier won’t lose out.

Domestic energy customers can often be hundreds of pounds in credit at this time of the year, ahead of the peak winter usage period when bills are much higher. Ofgem is looking to appoint a supplier that will in effect honour any credit that GB Energy customers have built up – in return for effectively scooping 160,000 customers.

I may be wrong but i was under the impression that energy suppliers were not allowed to build up a large "in credit" amount on a monthly account ?

v9.

Well this is it DD what is the definition and are ofgen keeping an eye on the situation.Far too many aspects of the energy supply industry are blurred and very difficult to pin down.You can be on the right tariff one day and not the next so its virtually impossible to say you are over the lengh of a year that you are getting the best deal.

v9

Has just been announced that the Co-op Energy wiil be the new supplier to those that were with GB Energy. See Below from BBC News

 Co-operative Energy will take on all 160,000 customers of collapsed firm GB Energy on their existing price tariff.

The firm said it would also honour outstanding credit balances for both current and past customers.

Energy regulator Ofgem said if customers wished to change energy provider they would be able to do so without any exit charge.

Ofgem said it had chosen Co-operative Energy after "a competitive process to get the best deal possible".

All GB Energy's staff will be transferred on the same terms to Co-operative Energy.

Thanks for the heads up NTH.  I will stay with the Co-op a month or so then move on as I was about to move from GB Energy when they collapsed.  

That was what Martin Lewis advised for anyone who was affected. Don't change until you find out what your new charges will be, but be ready to change as soon as. Energy prices are going up by the day, seemingly.