If you’re a customer of GB Energy Supplies then you have probably already seen the news. GB Energy Supplies have gone bust. They have ceased trading effective immediately. With 160,000 customers it is probably fair to say that there will be people out there who are worried this weekend about what this means for them. I am going to talk you through what will happen next.
Firstly, you should take a meter reading today. I like to take a photograph of my meter reading, as this will also have the date stored to help me remember when I took the photograph. Email it over to yourself so you have a back-up too.
Ofgem have procedures in place for such events as this. They are prepared. This means that your supply will not be disconnected and you do not need to panic. Also, any outstanding credit balances are protected. I don’t have more specifics on that at this time but it is confirmed on the Ofgem website here.
Now that the news has been announced Ofgem will begin work to help GB Energy Supplies’ customers transfer over to a new provider. It is highly likely that the prices will be more expensive. You need not worry about that as you can simply wait for the transfer and then use an energy price comparison tool to help you find the cheapest deal. You should look for a tariff where you can lock in, to guarantee that your price won’t increase for a set amount of time. There will be no exit fees charged, even if you were locked in to a tariff with GB Energy Supplies.
It can be a worrying time when you hear such news. However, Ofgem are there to protect the public. They will ensure that customers still have a safe and regular supply of energy. Once a new supplier is found more details will be available with regards to credit balances. Such as how to arrange to have any balances refunded. Keep your meter reading until your new supplier is announced and the switch over is made. You may need this if there are any discrepancies with the energy that you have been using since the announcement.