Why are suppliers going bust?
Because they can’t afford the high wholesale energy price. While there are the big energy companies, known as the Big Six, there are also around 70 smaller suppliers. The Big Six can afford the high cost of energy, but some of these smaller suppliers can’t.
What happens if my supplier goes bust?
If your supplier goes bust, don’t worry – your energy supply won’t be affected.
Ofgem, the energy industry regulator, has a safety net to protect you. Take a meter reading if that’s what you do normally. But don’t switch supplier yourself, since this will just confuse the process.
Ofgem will find you a new supplier, and the full switching process should only take a few days to complete. Your credit balance will also be transferred to the new supplier.
Once the switch is complete, the new supplier should get in touch. Ask them to put you on their cheapest tariff. If you want to shop around and switch, you can with TotallyMoney’s energy switching service. But just so you know, while the high wholesale energy cost situation continues, you may not be able to switch.
Is there anything I can do?
Not really, unfortunately. We wish we had better news, but you’re best to just keep an eye on the news and watch out for emails from either your supplier, or TotallyMoney. Keep checking in, and we’ll let you know when it’s time to switch again.