Ofgem has chosen Octopus Energy Limited to take on supplying the customers of Iresa, which went out of business last week. The appointment follows a competitive process run by Ofgem to get the best deal possible for Iresa’s customers. Octopus Energy is offering Iresa’s customers its “Flexible Octopus” tariff, which is one of the most competitive tariffs on the market and the best value deal on offer for them.

Octopus Energy has a good customer service record, and currently has a star rating of 3.8 out of 5 in Citizens Advice supplier customer service league table and is a Which? Recommended Provider for energy. Octopus Energy will honour all outstanding credit balances, including money owed to both current customers and to past customers of Iresa. For current customers, any credit on their account can be used to offset future energy use. Octopus Energy will contact past customers directly about their refund.

Ofgem said our advice to these customers is to sit tight. Customers of Iresa will be contacted by Octopus Energy by 14th August and then around a week later when the switch has been completed. At that point, if customers wish to change their tariff, they should ask Octopus Energy to switch them to another deal, or shop around. They won’t be charged exit fees. If they decide to switch supplier before Octopus Energy has completed the transfer, the switch may not proceed or take longer to complete.

Rob Salter-Church, Ofgem’s interim executive director for consumers and competition, said: “We are pleased to secure a deal with Octopus Energy, where Iresa customers will be offered a competitive tariff for their energy. Their credit balances will be honoured and their energy supply will continue as normal. Our advice for customers of Iresa is to wait until Octopus Energy contacts you. They will give you more information about the tariff you are on, and about your credit balance if you have one. Then you can shop around for a better deal if you wish to.”