Credit, Collections & Insolvency News
Future Energy, a regional energy supplier with about 10,000 domestic customers mainly in the North East and Yorkshire, has ceased trading, energy regulator Ofgem has confirmed.
In the announcement, Ofgem has made the following statement “Under our safety net, customers of Future Energy will have their energy supply continue as normal, and their outstanding credit balances will be protected. We will now choose a new supplier to take on the customers of Future Energy. This supplier will contact Future Energy customers individually when this process is complete. In the meantime, Ofgem has advised Future Energy customers to:
This will make the process of handing Future Energy’s customers over to a new supplier, and honouring their credit balances, as hassle-free for customers as possible.
Rob Salter-Church, Ofgem’s interim senior partner for Consumers and Competition, said “If you are a customer of Future Energy there is no need to worry as we will make sure your energy supplies are secure and your credit balance is protected. Ofgem is working to choose a new supplier as quickly as possible for you. Whilst we’re doing this, our advice is to ‘sit tight’ and don’t switch. You can continue to rely on your energy supply as normal – in fact the only thing that will change is that you’ll get a new supplier.”
Commenting on the closure,, Peter Earl, Head of Energy, comparethemarket.com, said: “Some smaller suppliers can be more at risk than larger suppliers of encountering financial problems, so it is important to do your due diligence when considering switching to a smaller provider. One possible indication of a company’s health is its customer rating value, which you will find on most comparison sites including our own. The closure of Future Energy should not put people off switching their energy provider for two good reasons. Firstly, switching is by a long way the best means of saving hundreds of pounds on your energy bill, and secondly, the energy regulator Ofgem will not allow the collapse of a company to negatively impact its customers, as is the case with Future Energy.”