GB Energy Supply goes bust
160,000 customers face higher bills as upstart energy supplier ceases trading
GB Energy Supply announced yesterday that it has ceased trading.
Customers found that the website had been taken down and replaced with a notice signed by Luke Watson, Managing Director blaming "swift and significant energy prices rises over recent months" for the closure.
GB Energy customers should not worry about their energy supplies which will be maintained. No one will lose power as a result of this announcement.
The energy regulator Ofgem is in the process of appointing a new supplier to take over GB Energy's customers. Industry processes define this as a Supplier of Last Resort (SOLR). We expect the SOLR to be appointed within the next few days. Official advice from Ofgem can be found at https://www.ofgem.gov.uk/publications-and-updates/ofgem-ensures-secure-energy-supplies-gb-energy-supply-customers.
All GB customers should take meter readings and note these down. They can use these to inform the new supplier of the readings for the start of their new contract.
We expect GB Energy customers will experience a significant rise in rates as they move to their new supplier.
Customers should compare prices and switch to their cheapest option to minimise the impact on their personal finances especially in the run up to the festive season.
However, customers should wait until their new supplier is announced. Any credit balances will only be payable from the SOLR. If people with a credit balance switch away before the SOLR is known they will not get their money back.
We will publish a new article on the website announcing the SOLR as soon as this is known and advise customers how to claim credit balances and how and when to switch.
UPDATE: 28th NOVEMBER 2016
While Ofgem the energy regulator is in the process of appointing a new supplier to take over from GB Energy, customers can switch and save money.
If customers have a credit balance they want to claim back they must transfer to the Supplier of Last Resort (SOLR) that Ofgem appoints.
However, if customers don’t have a credit balance or want to switch anyway their switch will go through in the normal way.
We have spoken to a large range of energy suppliers and they are all taking on customers from GB Energy.
Customers are likely to be put on the standard rates offered by the SOLR.
Customers can typically save more than £300 by switching to a cheaper option.