You are here: Home - Household Bills - News -

Co-op Energy to supply GB Energy customers

Written by: Paloma Kubiak
Co-operative Energy has been named as the provider to take on GB Energy Supply customers after the independent firm collapsed over the weekend.

Energy regulator, Ofgem, has confirmed that the 160,000 GB Energy customers will be switched to a new contract with Co-op Energy today.

The news comes after it emerged over the weekend that GB Energy had ceased trading, citing increased wholesale prices.

Our Q&A explains what happens next:

What tariff will I be put on?

Co-op will offer the same price as you were paying previously with GB Energy, whether you were on a fixed or standard variable tariff. Ofgem originally said it would be “likely” users will pay more with the new provider. You shouldn’t cancel your direct debit but if you do, Ofgem said you don’t need to worry and Co-op will help set up a new direct debit.

What if I want to switch?

Ofgem said if you want to change tariff, contact Co-op to switch to another deal, or shop around. It advises you do not to switch immediately, but wait until the new provider has been in touch with more details about your tariff. It said that you won’t be charged any exit fees.

I was in credit with GB Energy, will I get my money back?

The energy regulator said Co-op will honour all outstanding credit balances for both current customers, and for past customers of GB Energy Supply who are still owed money.

For current customers, any credit on the account will be used to offset future energy use. For past customers, a refund will be processed in due course.

I owed GB Energy money, what happens?

You won’t need to pay back your debt to Co-op. However, you may have to continue to pay this back to GB Energy. Further detail will be provided by the administrator.

I lodged a complaint with GB Energy, will it be processed?

Co-op Energy will be reviewing all existing complaints in the next few weeks with a view to responding to customers as soon as possible.

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.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

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