Ceased trading · January 2019

Economy Energy archive

Economy Energy ceased trading on 8 January 2019. Its customers were transferred to Ovo Energy under Ofgem's Supplier of Last Resort scheme. This page is kept as a historical record.

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Founded 2013 About 235,000 customers at closure Coventry, Warwickshire

Ceased trading · 8 January 2019

Economy Energy no longer supplies UK households

Regulatory failure — Ofgem investigation into customer-service failings and unauthorised account charges; Economy Energy banned from new customers and ceased trading one week later. Customers were transferred to Ovo Energy under Ofgem's Supplier of Last Resort (SoLR) scheme. This page is kept as a historical record. Information presented below was accurate at the time of original publication.

Founded

2013

Years on the UK market

Customers

About 235,000 customers at closure

Households served

About

Who is Economy Energy?

Registered as Economy Energy Trading Limited, Economy Energy uses this legal name for Ofgem licence filings, contracts and any formal communications. The trading name customers see on bills is the shorter, more recognisable form.

The company is headquartered in Coventry, Warwickshire, where it runs its senior management, customer operations and regulatory liaison with Ofgem.

Economy Energy was founded in 2013. The supplier operated under a domestic-supply licence until its closure, with a track record of customer service and billing publicly documented for the years it traded.

The company is regulated by Ofgem, the UK's energy regulator, and its complaint handling falls under the Energy Ombudsman alternative dispute resolution scheme.

Timeline

Economy Energy — key dates

A short timeline of the Economy Energy brand — founding, milestones, regulatory events and the closure that brought it to an end.

2013
Economy Energy Trading Limited starts trading in Coventry, targeting prepayment-meter households.
2017
Citizens Advice ranks Economy Energy as the worst UK energy supplier for complaint handling.
2018
Customers complain of unauthorised debits from their accounts. Ofgem opens a formal investigation.
2019
Ofgem bans Economy Energy from taking new customers. One week later, the supplier ceases trading; Ovo Energy is appointed Supplier of Last Resort (Boost Energy for prepayment customers).

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Common questions

Economy Energy — frequently asked questions

Regulatory failure — Ofgem investigation into customer-service failings and unauthorised account charges; Economy Energy banned from new customers and ceased trading one week later.

Existing customers were transferred to Ovo Energy under Ofgem's Supplier of Last Resort (SoLR) scheme — supply was never interrupted.

Your supply has not been interrupted: under the SoLR scheme, your supply is automatically handed to the successor supplier. Log in to the successor's online portal as soon as possible to set up your account, confirm your bank details and download any final Economy Energy statements while the legacy website is still online.

You are not required to pay any exit fee to leave the deemed tariff. Once your account is set up, compare current deals through Selectra to find a cheaper plan that fits your usage.

Yes. Customer credit balances on accounts at the date of cessation are protected under Ofgem's SoLR scheme. The successor supplier (Ovo Energy) is required to honour your credit balance. Confirm the balance in writing within the first 30 days to avoid disputes later.

Yes — outstanding debts owed to Economy Energy transfer to the administrator of the company's estate, not the SoLR. You may receive a written demand for the outstanding amount from the administrators. Verify any demand against your final Economy Energy statement before paying.

You can complain about the conduct of Economy Energy (mis-selling, billing errors, customer service) to the Energy Ombudsman, even after the supplier has ceased trading. For complaints about the SoLR transfer itself (delays, incorrect tariff), the route is the same — Ombudsman first, then Ofgem.