The energy market’s a topsy-turvy business, and the last few months have been a bit of a roller coaster. First, there was the news that provider, GB Energy had gone bust, then there were the energy price hikes and now, it’s been announced that Flow Energy has been put up for sale. So, what exactly does that mean for their 150,000 or so customers?
Well, whatever happens, there won’t be any disruption to your energy supply, so there’s no need to panic and build up stocks of firewood or candles if they are your current provider. If the worst happened and Flow Energy went bust (or in polite terms ‘ceased to trade’), then Ofgem would step in and make sure that another supplier picked up the reins. But at the moment, Flow Energy still have their licence to provide energy – which they will continue to do whilst they are for sale.
If someone decides to buy Flow Energy, then any existing customers would transfer to the new supplier – a bit like what happened with GB Energy and the Co-Operative; any T&Cs would need to be sorted out and the outcome will depend on the new provider.
So, why is this happening? It’s because Flow Energy’s parent company – Flowgroup, have decided to concentrate on making and selling boilers in Europe and selling their UK electricity and gas provider arm should free up lots more cash in order to do that.
Flowgroup, also said that it was finding it tough to make money after trying to compete with other suppliers for market share.
In the here and now, it’s business as usual for Flow Energy customers – but you won’t be able to switch to them when you comparethemarket.com. But that doesn’t mean you have to miss out and as the saying goes – there are lots of other fish in the sea (or energy providers on the switchboard) so take your pick, save some money and make the switch today.