Economy Energy joins failed supplier list

Economy Energy has gone out of business and its 234,000 customers will be re-allocated under Ofgem’s ‘supplier of last resort’ process.

Last week, Ofgem issued a provisional order to Economy Energy, which prevented the supplier from taking on new customers or taking top-up fees. 

Ofgem had previously opened three enforcement investigations into Economy Energy.  two of which will now close. One concerned outstanding payments owed under the Renewables Obligation (it owed £15,650,999.63 to the RO in England and Wales and £1,413,304.97 inn Scotland) - that bill will now be covered by the industry as a whole under ‘mutualisation’ arrangements.  Another was into its standards of service.

An investigation into whether Economy Energy, E and Dyball Associates have infringed Chapter I of the Competition Act 1998 will remain open.

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