Utility supplier gone bust.

Venod

Eh up
Location
Yorkshire
Our Electric and Gas supplier (Avro) went bust yesterday, my sons went bust last week, according to all the info we will be changed to a new supplier but bills are likely to rise.
We can change supplier if we are not happy with the one allocated, but I think the days of cheap deals are over, will have to see how it all works out.
Never had this problem before the industry was deregulated and I can't remember the bills been astronomical.
 

fossyant

Ride It Like You Stole It!
Location
South Manchester
Only going to happen more. The industry is a bit of a joke.
 

JtB

‘Diversity’ helps make the world a beautiful place
Location
North Hampshire
I’m with Avro Energy too and I suspected they were going bust so I downloaded all my energy statements for the year and did a screenshot of my latest balance the day before they went bust. I’m glad I did because when I checked yesterday it was no-longer possible to log onto their website.
 

figbat

Slippery scientist
The UP website is still live and the landing page invites you to sign up! You have to scroll down to discover they are no longer in business. But I can still log in and get my statements.
 

Dolorous Edd

Senior Member
There's a failure of regulation here which has parallels with Northern Rock.

A lot of these companies were selling 'long' (fixing customer prices for 1, 2 or 3 years) and buying 'short' (buying 'spot market' wholesale for a significant portion of their needs to meet these sales, and exposing themselves to day to day market fluctuations).

This is a fundamentally unstable and risky business model, and it was being pursued with the full knowledge of the regulator (Ofgem), who didn't appear to be alive to or address the issue.
 
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Thanks guys :okay:

I am just approaching my annual shop-around after almost a year with Utility Point but also transferred my dad to UP just 2-3 months ago.

After reading the above just took a screenshot of the statements summary showing bills and payments with the credit balance so we now have the figures recorded should it be necessary to argue later......
 

dave r

Dunking Diddy Dave Pedalling Pensioner
I wonder how many suppliers will go as a result of this? We're with OVO, and have been for sometime, I think the contract finishes November, we've built up a substantial sum in the energy account over the summer, it helps with the big winter bills, I've now requested that they refund most of that, should be in the bank in the next ten days.
 

steverob

Veteran
Location
Buckinghamshire
I haven't exactly had the best run of luck with gas & electricity over the past 9 months. My original supplier went bust at the start of the year, but the company I was put with by Ofgem were so ridiculously uncompetitive (e.g. dearer than British Gas' standard rate) I decided to switch away as soon as I was allowed. The next company I chose accepted my details and said they'd be in touch nearer my switching date, which should be 2-3 weeks time. When 4 weeks had passed and I hadn't heard anything back, I went to their website to chase up only to see a message that they too had folded!

Did eventually find another company that was offering a decent (although still 10% more than what I was paying) deal back in April, but now I'm fearing for their future as well, as they're not one of the bigger companies - I think maybe slightly smaller than Avro. Yesterday I looked around to see what prices were available at the moment in case I'm forced to move supplier again and the cheapest deal was 40% higher than what I'm currently paying. That fixed rate ends next March (assuming they stay in business until then), so we'll have to see what happens between now and then.
 
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