Future Energy Goes Bust: Advice for the 12,000 Customers
NEWSFuture Energy customers will be transferred to Green Star Energy by 6th February. No exit fees will be charged for customers not wanting to switch to Green Star Energy. The decision was taken by Ofgem on 30th January 2018.
Future Energy was a gas and electricity supplier based in Newcastle Upon Tyne, England, that went bust in January 2018. It had, and technically still does have, a customer base of around 12,000 households. Until arrangements have been made to make a clean replacement for the current customer base, OFGEM have advised against switching to another supplier. All will become clearer in the coming weeks and months, but until then, let’s learn a bit more about Future Energy's situation.
Ceased to trade
Future Energy has left 12,000 residential customers and 50 staff out in the cold following their recent announcement of bankruptcy, and thereafter their immediate plans to cease trading. This customer base has been identified as primarily lying around the Yorkshire and North East regions, given their headquarters being in Newcastle.
OFGEM, the energy regulator for Great Britain, stepped in to secure the future supplies of those customers, stating that there was nothing to worry about and no drastic action should be made with regards to switching just yet. Future Energy are yet to comment on this case, but OFGEM have made sure that the correct protocol is in place, meaning nobody will be without energy at any point.
This sudden announcement has left customers unsure as to whether switching to a smaller energy supplier is safe. The answer to that would be that this is an extremely rare occurrence, and as long as you switch to an OFGEM accredited supplier, which most are, you will be protected in any outcome. Smaller energy suppliers have some of the cheapest tariffs and best customer service on the market. Don’t let this put you off!
Advice to Future Energy customers
For now, nothing needs to be done for customers of Future Energy. OFGEM has secured the supplies and credit balances of said households, meaning nothing will change for now. Our advice, and the advice of OFGEM themselves, would be to hold tight and wait until OFGEM have secured a replacement supplier. After that time, you can look into switching away if you feel like the alternative is not to your liking.
If you are unsure about your options or would like to talk to a member of the OFGEM or Citizens Advice support team directly, you can use any of the following information. To find out more about what happens when your energy company goes bust, click here to visit the OFGEM guide.
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