Any customers affected by Green Network Energy ceasing to trade will be automatically moved to a new energy supplier. But don’t settle for any old tariff. Be sure to compare the best deals on the market.
Recently, Green Network Energy fell into credit default with energy market operator Elexon. As a result, the UK energy company was left without enough credit to cover the cost of trading gas and electricity to supply its 360,000 customers. The company has since announced that it will cease trading entirely.
In related news, the smaller firm Simplicity Energy, which supplied energy to approximately 50,000 UK customers, has also announced that it will stop trading with immediate effect.
Customers of either company have no reason to worry. Under energy regulator Ofgem’s safety net, the energy supply of Green Network Energy and Simplicity Energy’s customers will continue uninterrupted. Any domestic customers with outstanding credit balances can rest assured their money will be protected.
What next for energy customers?
As Ofgem works on transferring existing Green Network Energy and Simplicity Energy customers to new suppliers, the regulator has strongly recommended that customers do not try to switch to another supplier until a new one has been appointed.
Customers will be contacted by their new supplier in the coming days and weeks.
Sit tight, but in the meantime, make sure to take a meter reading and have it ready for when your new supplier contacts you.
Once you’ve been switched to your new energy supplier your gas and electricity prices are almost guaranteed to change. Unfortunately that may mean an increase and your energy bills will go up.
Our advice if you’ve been affected by this situation and moved involuntarily to an energy tariff that you didn’t choose is to fully understand your new deal to see if it’s fairly and competitively priced. If not, all is not lost.
As a starting point, inquire with your new supplier to put you on a cheaper tariff. Alternatively, check if you can save money by switching to a different provider. When the time comes to find a new supplier, Free Price Compare is here to help.
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