You are here: Home - Household Bills - News -

Extra Energy goes bust making it the sixth supplier to fold this year

0
Written by:
21/11/2018
Extra Energy has become the sixth energy supplier to go out of business this year.

The firm has around 108,000 domestic and 21,000 business customers.

Customers are urged not to panic as under Ofgem’s safety net, their energy supply will continue as normal and any outstanding credit balances will be protected.

Ofgem said it will choose a new supplier to take on Extra Energy’s customers as quickly as possible and this supplier will contact customers shortly after being appointed.

If you’re an Extra Energy customer, the regulator’s advice is not to switch supplier but to take a meter reading ready for when the new supplier contacts you.

This, it said, will make the process of transferring customers over to the chosen supplier, and paying back any outstanding credit balances, as smooth as possible.

The collapse of Extra Energy comes on the same day Ofgem proposed tougher tests for new suppliers before they’re granted a licence.

Among the measures, which are due to come into force in spring 2019, applicants for new supply licences will have to prove to the regulator they have the funds and resources to manage their business for at least the first 12 months.

The energy watchdog was prompted to take action following the collapse of five other smaller suppliers this year.

Future Energy, National Gas and Power, Iresa Energy, Gen4U and Usio Energy, which had over 117,000 customers between them, have all gone bust in 2018.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Two Victorian style London properties
The average salary of a London first-time buyer revealed

New homeowners in the capital have a typical gross household income of £70,000 – double that of Scottish buyers’ £35,000,...

Close