Peoples Energy

[Pkingy]

Ceased trading  what does this mean to customers

[FoxLady]

Tells you to sit tight, that an alternative supplier will be appointed, and "don't switch" on their website.

 

Do that.  

[Annie Bynnol]

"Ofgem director of retail Neil Lawrence said: "Although the news that a supplier going out of business can be unsettling, Utility Point and People's Energy customers do not need to worry.

"Under our safety net we'll make sure your energy supplies continue. If you are a domestic customer with credit on your Utility Point or People's Energy account this is protected and you will not lose the money that is owed to you."

 

He added: "Ofgem will choose a new supplier for you and while we are doing this our advice is to wait until we appoint a new supplier and do not switch in the meantime. You can rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your new tariff.""

Daily Record UPDATED12:53, 15 SEP 2021

[El Cid]

I am with Peoples Energy. Why did 2 energy suppliers go bust on the same day?

[HeHasRisen]

3 minutes ago, El Cid said:

I am with Peoples Energy. Why did 2 energy suppliers go bust on the same day?

May have been the same day the wholesale cost went up which pushed two over the edge at the same time? 

Edited September 15, 2021 by HeHasRisen

[iansheff]

Meant to quote post 2 but forgot.

 

I didn't change from the supplier they moved me to when GNE went under, one reason being they guaranteed they would charge less then GNE did until the end of September but it took quite a while before everything was sorted out.

Edited September 15, 2021 by iansheff

[BigAl1]

14 hours ago, El Cid said:

I am with Peoples Energy. Why did 2 energy suppliers go bust on the same day?

I said elsewhere on this forum about two weeks ago when someone was bleating on about the big energy suppliers increasing prices /ripping off customers that this is exactly what was likely to happen and since then to my knowledge at least 5 suppliers have gone out of business.

 

it is really very simple these companies have offered very low prices to get business BUT the problem is that as the energy prices rise on the wholesale market they are making a loss which they simply do not have the resources to cover the cost of continuing to meet their contracts with existing users

[crookesey]

I always attempt to balance cost with quality, I’m with Shell Energy who I’m certain can ride out any storms in the energy markets. They are unlikely to be the very cheapest, but I do expect them to be still in business when my current deal ends.

Edited September 16, 2021 by crookesey

[L00b]

3 hours ago, BigAl1 said:

I said elsewhere on this forum about two weeks ago when someone was bleating on about the big energy suppliers increasing prices /ripping off customers that this is exactly what was likely to happen and since then to my knowledge at least 5 suppliers have gone out of business.

 

it is really very simple these companies have offered very low prices to get business BUT the problem is that as the energy prices rise on the wholesale market they are making a loss which they simply do not have the resources to cover the cost of continuing to meet their contracts with existing users

Exactly this. Some suppliers may also be exiting the market early, through anticipation.

 

 

 

[crookesey]

It’s not the end of the world, you’re covered by a regulator, you exercised your legal right to do with your money as was your legal right to do. What is wrong is that a tuppence ha’penny  ‘corner shop’ operation can pretend to be a real player, we have departments that should sort this sort of thing, don’t we?

Edited September 16, 2021 by crookesey