Customers of failed UK Energy Incubator Hub moved to Octopus
The energy regulator, Ofgem, announced that Octopus Energy has been appointed as the Supplier of Last Resort (SoLR), following a “competitive process to get the best deal possible for customers”.
Octopus Energy will honour outstanding credit balances for both current and former customers of the small supplier. They will also go onto Octopus Energy’s default tariff which is subject to the energy price cap.
Ofgem said there’s no break in energy supply, and customers of UKEIH will be contacted over the coming days with information about the changes.
It’s advisable to take a meter reading, and while customers can switch supplier, it’s recommended to wait until the transfer has been completed. Ofgem confirmed customers won’t be charged exit fees if they decide to switch to another supplier.
Neil Lawrence, Ofgem’s director of retail, said: “I am pleased to announce we have appointed Octopus Energy for the customers of UKEIH. We understand that this news may be unsettling for customers, however they do not need to worry. Their energy supply will continue as normal, and customer credit balances will be honoured.
“Octopus Energy will be in contact with customers over the coming days with further information. Once the transfer has been completed, customers can shop around for a better deal if they wish to.”
The collapse of UKEIH on 9 July comes just as it was served with a final order requiring it to remove a senior individual from a position of “significant management responsibility or influence” with the company on the basis that the individual is not “fit and proper” to occupy such a role.
Since the start of 2021, nearly 30 energy companies have now collapsed, with 2.7 million customers having been moved from failed energy firms to alternative suppliers.