More than 3 years of volatile electricity markets has seen 14 of the smaller energy suppliers go under. Hot on the heals of Solarplicity last month, Eversmart Energy are the latest energy company to cease trading.
What happens when an energy supplier stops trading?
As usual, customers of these suppliers will receive gas and electricity as usual. The standard advice from Ofgem in these situations, is to do nothing initially, other than take a meter reading. It is a good idea to take a photo of the meter that includes both the reading and the serial number.
Meanwhile, Ofgem will be busy arranging for a new supplier to take on all the Eversmart Energy customers. Suppliers tender bids to Ofgem which include the prices they will move Eversmart Energy customer onto. These will be variable rates. They will also honour any credit balances.
In this instance, Ofgem appointed Utility Energy to take on Eversmart Energy customers.
Once supplies move to Utility Energy, customers are advised to give them another meter reading. You can then either choose a fixed term contract they offer you, or move to a supplier of your choice.
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