It seems GB Energy has gone under. For anyone who didn’t switch after the price hike, apparently a new supplier will be automatically appointed and will be in touch, but you’re advised to take a meter reading.

BBC News

And according to the linky above your bills will increase as engery will cost you more.

Probably one of the first of a few to go bang .

Regrettably it was only as waiting game until one of the small companies failed – and other small players are likely to follow.
The new small companies – who don’t have generating or production capacity – are dependant on competitively priced supplies from the wholesale market and as soon as that stops they’re screwed.
Intersted to see Gov response – as they want to open up the market.

I got out last month… Wonder what will happen to to my credit with them?

Now it makes sense!!! We’d only been with then a couple of months when they put the price up by 40% so we naturally left them. Then they took £120 from my account out 2 days ago even though we were no longer being supplied by them. Yesterday morning I was on the phone to them explaining this and demanding a refund. They said even though the payment had left my account it wasn’t showing in theirs so they couldn’t refund the payment until after the weekend. He advised to call back on Tuesday. **** **** must have known all along.

Just read this in the news. Despite the price hike I stayed with them as planning on selling the house after new year and wanted to avoid any early release penalties from new supplier.

Cancelled the DD pronto with GB though incase of any funny payments taken…

Shame, been with them all year, very happy with the service. Had just switched to their one year fix before the price rises.

and with brexit will any of those foreign owned companies still wish to stay in uk plc, so probably more switching the power off and letting the meter run

satay you say, mmmm peanut sauce…

Sharkbait – I’m in the same boat.

Switch out completed 2 or 3 weeks ago. I was just waiting for the final bill before asking for my £150 credit back. In guessing it’s gone. Existing customers will have their credit transferred to their new suppliers from what I understand, not sure what happens to us.

In guessing it’s gone.

I guess the regulator will under write them and refund you, otherwise it will be the end of competition in the domestic energy market.

This sounds like an absolute c**k up. From their statement they said they went bust because they cannot buy forward, but yet they offer fixed rates to their customers? That is fundamentally crazy because you’ve fixed your income but left your costs volatile!? Can’t believe OFGEM didn’t have rules about companies operating on that basis, because it’s only go to have one outcome.

That is fundamentally crazy because you’ve fixed your income but left your costs volatile!?

Most small businesses operate using this model. You need a lot of cash or purchasing power to buy large forward contracts.

from the linked article

“In a statement, GB Energy Supply said that as a “small supplier” business had “become untenable”, but assured people their supply would not be affected.
Ofgem said it would appoint a new supplier and stressed that outstanding credit balances were protected.”

project – Member
and with brexit

Every thread, every thread.

So I just spoke to GB Energy (surprisingly short wait time <2mins)

Even though my transfer out of GB Energy completed on the 10th of Nov, apparently I’ll still be allocated a new supplier and they will issue my final bill and refund me the credit that I had in my account.

All protected by Ofgem apparently but we’ll wait and see I guess.

Cheeky buggers took my monthly DD this am. Got Barclays to refund it and cancel my DD with them…

Already £100s in credit with them.

It won’t be going to GB Energy any more though – it’ll all be going into escrow (prob the wrong word but same understanding) so your account continues to run – you keep getting energy supplied, and you keep paying for it. When you are allocated a new supplier all your credit moves over. You’d have paid the DD under normal circumstances, not sure i see a reason to stop unless you don’t trust OFGEM to sort it out.

I’d also imaging they don’t have time currently to go through and work out who’s already in credit and who’s working month by month.

It won’t be going to GB Energy any more though – it’ll all be going into escrow (prob the wrong word but same understanding)

Probably too soon for the liquidator to sort that out, they only filed on Friday.

not sure i see a reason to stop unless you don’t trust OFGEM to sort it out.

Well this is a completely new process, as yet untested. There is no unified billing system, so some poor SW team will have to be tasked with importing and munging GB’s dB into the (as yet unallocated) new suppliers billing system. I can’t see it being resolved quickly.

I’d also imaging they don’t have time currently to go through and work out who’s already in credit and who’s working month by month.

It’s not as if they can cut you off remotely. The liquidated company would have to pay someone to come out and disconnect manually; which isn’t going to happen; esp as I’ve about 4 months worth of credit with them.

Good news…

Very surprised they’re honouring GB’s prices, given GB couldn’t make money from them.

You may be aware that GB Energy Supply ceased trading this weekend after facing difficulties relating to rising wholesale energy costs.

I am pleased to be able to inform you that Co-operative Energy has reached an agreement with GB Energy and Ofgem to take over responsibility for your account, with effect from 30 November, and can reassure you that you will have continuity of service.

Co-operative Energy is part of The Midcounties Co-operative, the UK’s largest independent co-operative. You can read more about us here http://www.midcounties.coop.

I can assure you that there really is no need to worry as your supply will not be interrupted during this process and for the future.

What happens next?
We will honour your current contract and price until it is due to expire. This means you do not need to do anything and, rest assured, we will contact you again before your current contract ends with all the information you need and what to do next.

What happens to my Direct Debit? We are planning to arrange a transfer of your existing direct debit mandate over to Co-operative Energy in the next few weeks. There will be further communication on this in due course. Again, you do not need to do anything and please do not cancel your direct debit.

We will continue to run the business using the existing GB Energy systems supported by enhanced technology, as well as experienced former GB Energy employees and service providers, to minimise the disruption to you and to our
Co-operative Energy customers. We will also increase the number of customer service advisers to ensure we deliver the service you would expect.

Customer service enquiries will continue to be provided by the GB Energy team. As you can imagine we are experiencing a high level of enquiries and we will increase the number of customer service advisers to deliver the service you would expect.

Whilst inevitably there will be some upheaval during the initial transition period, please be patient with us and rest assured that your future supplies and any credit balances you have with GB Energy Supply are secure. Hopefully that’s one less thing for you to worry about at this busy time.
You may have already visited the Ofgem website to understand what happens next. We have produced a list of FAQs on the GB Energy website (www.gbenergysupply.co.uk) to provide further details and reassurance.

We are developing more detailed plans, working closely with Ofgem, and we will contact you again before 15th December 2016 with an update on our progress.

In the meantime, please be reassured that it is business as usual.

Thank you in advance for your patience and we look forward to being your energy provider.

Yours sincerely,

Ben Reid OBE
Chief Executive
The Midcounties Co-operative,
Trading as Co-operative Energy

From their statement they said they went bust because they cannot buy forward

Yeah, I saw that: it’s total cobblers. Small energy companies can and do hedge, why GB energy didn’t do so we can only speculate on. One theory is that they were gambling on the wholesale price falling.

I must be the only person in debit with them!

Mixed thoughts on coop as been with then before and were awful. Still things can improve.

I did half expect to be transferred to one of the big six and then have to transfer again to not be ripped off…

Keeping the current prices means I don’t have to do anything for another year.

I must be the only person in debit with them!

Probably depends when you joined them. We moved in the Spring, so have had low bills all summer, hence 4 months in credit with them.

Even though my transfer out of GB Energy completed on the 10th of Nov, apparently I’ll still be allocated a new supplier and they will issue my final bill and refund me the credit that I had in my account.

Could you expand on this please?

I switched supplier once I found out about the tariff increase at GBE, I had GBE and new supplier Direct Debits taken this month, and new supplier sent an email today saying my switch is complete and everything in place for them to be my new supplier from 1st December. Is OfGem going to intervene and switch me to a third supplier?

The co op are a horrific supplier.

Switch switch switch!

So the coop are taking on the credits that gb energy have accrued from their customers overpaying their engergy supplies monthly amount, so was this money held in a seperate gb energy account, or are coop funding the credits to its new customers, and can coop afford to pay the staff and probably management who worked at gb energy, doesnt look like a winning bid on dragons den so far