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.