The short answer is don’t panic; which is easier said than done. Well, sadly that’s what 160,000 customers were left thinking when their supplier, GB Energy ‘ceased trading’ towards the end of November – so what do you need to do now?
Fortunately on 30 November 2016, Co-operative Energy came to save the day. They formally announced that all GB Energy accounts will be serviced by them after Ofgem appointed them days after GB Energy’s closure. In their shiny armour and with their big white horse, they’ve reassured customers that there’s nothing to worry about. Customers should take a current meter reading to ensure a smooth transition but that’s pretty much all you’ll need to do if you were a GB Energy customer as you should be contacted by Co-operative Energy at a later date about any outstanding issues.
The government has made it clear that no-one’s supply will simply be cut off and any outstanding credit will be honoured; as will existing tariffs up until their expiry date. Even previous GB Energy customers who still had credit on their accounts, will get any outstanding balances back in due course.
And the reason why GB Energy had to pull the plug in the first place? Well, electricity costs are up since March which is the highest they’ve been in five years. As a small supplier, GB Energy said they simply couldn’t make the costs stack up between the wholesale prices and their tariffs.
But, as the saying goes – “one door closes and another one opens” and now is the perfect opportunity to find a better deal. If you were a GB Energy customer, then you don’t have to stick around with Co-op Energy – and you could save about £200** simply by switching. You also won’t face any exit fees even though Co-op have essentially picked up where GB Energy left off.
We’ve worked out that comparethemarket.com customers have saved more than £70 million*** so far in 2016 just by switching energy supplier – so why not join them and make your own savings. Think of it as an early Christmas present from us to you. Go on, treat yourself, let’s compare shall we?
**Figures from EHL suggest that a typical customer who was with GB Energy Supply on their variable tariff can save about £200 by switching
***Total sum of savings calculated from comparethemarket.com dual fuel customer switches from Jan-Oct 2016