Business Renewals

OFGEM to tackle Rogue Energy Brokers?

Eon renewable energy

For many years businesses have feared the phone ringing with unregulated energy brokers plaguing small to medium businesses with continuous uninvited sales calls many with dubious promises and hard sell tactics designed to generate huge profits at the expense of the SME.  Despite the clear necessity to regulate this financial market OFGEM has repeatedly refused to get involved and has allowed many small businesses to suffer with rates up to double what should be expected.

The following proposals have now been provided by OFGEM that will give some protection from mis-selling and excessive profiteering by greedy energy brokers.

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Business Renewals

Our Power goes bust

Energy supplier closed

Our Power, the Edinburgh based energy provider has gone bust leaving OFGEM to find around 38,000 residential customers a new supplier.

Launched in 2016 as an ethical non-profit supplier Our Power becomes the 10th recent casualty in the ever growing list of smaller suppliers who have hit a brick wall in trying to compete in the energy markets. Even with the backing of the Scottish Government who provided around £10M in loans the supplier faced issues it could not overcome.

The recent introduction of the Price Cap system by OFGEM could well see more smaller suppliers face problems.

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Business Renewals

Economy Energy Collapse

Economy Energy collapse

Only days after the regulator OFGEM imposed a blanket ban on taking on new customers the supplier Economy Energy have ceased trading leaving around 235,000 customers wondering who their new supplier will be. Whilst there will not be any issues relating to the lights or heating going off there are serious concerns being raised over the current licensing requirements that are required in order to gain a supply license with nine energy suppliers biting the dust in the last 12 months.

The current advice is to sit tight and explore your options once a new supplier has been appointed by OFGEM.

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Business Renewals

Economy Energy banned from taking new customers

Economy Energy

The energy regulator OFGEM has today banned Economy Energy from taking on new customers until it improves it’s levels of customer service.

The supplier who has nearly 250,000 residential customers will be forced to make improvements to billing and payment failures and smarten up on issuing customer refunds.

If none of the requirements are met then there is the possibility that OFGEM could extend the ban and ultimately revoke the company’s supply licences.

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