Ofgem Finds Co-Operative Energy As The Best Replacement for GB Energy Supply

November 26th, 2019

As we learnt recently GB Energy Supply collapsed due to the hike in wholesale energy prices. The company promised its customers that they would not be at any loss and energy regulator Ofgem was on the lookout for the perfect replacement. Whilst there was a lot of competition, Ofgem has selected Co-operative Energy as the replacement for GB Energy Supply. The energy regulator has also made certain guidelines to save the customers from unreasonable price hikes or tariffs by the new supplier.

According to the guidelines, Co-operative Energy would respect all outstanding credit balances for all the customers of GB Energy Supply, be it current customers or past customers whom the company still owed money. The company would facilitate the current customers with energy usage in return of their credit. Also, they would be paying the same price for energy as they used to with the previous company. The energy price would remain unchanged for fixed deals as well as standard variable tariffs.

In any case, if the customers want a different tariff then they would have to contact Co-operative Energy to choose another deal or can shop around and find the most suitable supplier for them. There would be no exit fees charged from any of the customers. The most significant part of this pact is that the cost of protecting the customers balance would be jointly met by Co-operative Energy and Ofgem, which is funded by a levy spread on all UK energy suppliers.

Co-operative energy would be contacting GB Energy Supply in a couple of days and they would be informed about their current credit balance and new tariffs, in case they want to switch to the new deal. Customers of GB Energy Supply can use the same customer care contacts as they would now be maintained by Co-operative Energy. The number for the customer care team remains as 0800 644 4451.

Rachel Fletcher, Ofgem’s Senior Partner for Consumers and Competition, was very happy with the Co-operative Energy deal and expressed that it is the best replacement for GB Energy. She said that “Our advice for customers of GB Energy Supply is to wait until Co-operative Energy contacts you. They will give you more information about the tariff you are on, and about your credit balance.

“Customers with questions should contact the GB Energy Supply customer contact team as normal should they have an enquiry.”

Well, this is excellent news for the customers of GB Energy Supply as now they have a valid and stable energy supplier to associate with. All their energy needs and dilemmas would be resolved by the new supplier. The energy market has also received this news well and is welcoming of the decision taken by Ofgem.

Shay Ramani, founder of energy expert’s FreePriceCompare, said that ‘Many small energy suppliers in the UK are feeling the crunch in the wake of Brexit and hikes in the wholesale energy prices. It is difficult for them to sustain their business and GB Energy Supply is one such example. However, Ofgem should be appreciated for taking accurate measures to maintain the balance in the energy sector. Their work is very much commendable.

The appointment of Co-operative Energy is positive news for the customers. As cleared by Ofgem they would be taken care of and any new tariffs would not be imposed on them. This is a very good decision which should be welcomed by the entire energy sector”

For more of such news and updates on the UK energy market, you can check our website FreePriceCompare.com. We compare the tariffs and prices of UK energy suppliers and suggest the cheapest energy deals to our customers. To speak to our friendly energy team on how much you can save off your energy bills, simply call us on 02034757476.

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