Economy Energy was a UK energy supplier that stopped trading in January 2019. Ovo Energy and its prepayment arm, Boost, have now taken over all of its customers. In this guide, we provide final news on the supplier, advice for former customers, and take a look at the company’s reviews, prices and extra services to get more of an idea of why it went bust.
Economy Energy is no longer trading
|Electricity: 2.9% renewables||Warm home discount|
|Fuel mix score: ★||Smart meters|
|Domestic Market: England, Scotland, Wales||High prices for a company branded as ‘economical’|
|Customers: 235,000||Poor customer service|
|Selectra score: ★★||Many reports of owing customers money|
Latest news on Economy Energy
In January 2019, Economy Energy went bust. In this section, we answer all customer questions regarding the closure of the provider and provide all up-to-date Economy Energy news.
Who are Economy Energy?
Economy Energy UK was a small energy supplier, providing gas and electricity to households throughout the UK. Based in Coventry, Warwickshire, Economy Energy Trading Limited started trading in 2013 and had around 235,000 customers.
Is Economy Energy still trading?
No, Ofgem closed down Economy Energy in January 2019 following an official investigation into the supplier.
In June 2018, the Economy Energy suffered negative backlash after customers complained about money being removed from their bank accounts without any notice or explanation! Many of the customers insisted that their accounts had been in order and that they owed no money to the supplier.
This was the beginning of the end for the supplier. Customer complaints continued until Ofgem eventually opened a formal investigation, and at the beginning of 2019, the regulatory body banned the supplier from taking on new customers. Just one week later, the energy company ceased trading.
Who has taken over Economy Energy?
Ofgem appointed Ovo Energy the supplier of last resort, meaning all Economy Energy customers were transferred onto Ovo Energy’s variable tariff. All customers on a prepayment tariff were transferred to Ovo’s prepayment brand, Boost Energy.
Customers were promised no distribution to their energy supply during the switching process. The transfer was conducted automatically meaning customers did not need to do anything. Economy Energy and Ovo Energy employees worked to transfer all customers as quickly as possible and customers were contacted when their account had successfully been transferred.
All former Economy Energy customers are under no obligation to stay with Ovo Energy and will face no exit fees when leaving. If you want to choose your supplier, use our energy comparison tool to compare deals or give our energy experts a call on 02039 360059 (Monday to Friday 7am-8pm).They can help you find a provider and tariff that suits you.
Economy Energy UK will provide final bills to all current customers based on final meter readings. Even customers with smart meters should take meter readings to ensure their final bill is as accurate as possible.
Final bills will be sent to your registered address, stating how much you owe the company, and, if it owes you anything, the amount it owes. All payments will be dealt with by Ovo or Boost Energy.
Past customers who are in debt with Economy Energy, or who are still owed money by the company, will also receive a final bill containing the amount.
Refund: how do I get my money back from Economy Energy?
If you were in credit with Economy Energy when it went bust, Ovo Energy will honour it.
If you were a current customer, you do not need to do anything in order to get this credit. Credit details will be listed on your final bill from Economy Energy and Ovo will be in touch with instructions on what you need to do.
Past customers still owed credit by Economy Energy will also receive their money. To do this you need to register a refund claim with Ovo. After you’ve received your final bill containing your credit details, contact Ovo on 0330 102 7407 or Boost Energy (if you are a prepayment customer) on 0330 102 742.
Your new supplier will not pay any compensation owed by the old provider. If you are owed an Economy Energy refund, you need to get in touch with the appointed administrator.
- Economy Energy administrator: Gareth Thornton - Economy.Energy@uk.gt.com
Will I still get my Warm Home Discount from Economy Energy?
Even though Economy Energy has closed, you will still get your Warm Home Discount payment.
If you are eligible for the payment under the Core Group, you will automatically receive your payment and do not need to take any action.
If you are part of the Broader Group and have already been approved for the payment by Economy Energy, you will automatically receive your payment from the supplier of last support, Ovo Energy. Contact Ovo in order to discuss how you will receive the money.
If you have changed energy suppliers and are no longer with Ovo, you will likely have to apply for the Warm Home Discount again with your new supplier. Contact your provider to discuss how.
Economy Energy reviews
Economy Energy reviews don’t paint a good picture of the provider, which is not too surprising considering the reports of the company taking money from bank accounts and Ofgem’s subsequent investigation.
While it was still in business, Economy Energy was often in hot water with its customers. It received a disproportionately large number of customer complaints and was ranked by Citizens Advice as the worst energy supplier in the UK in both 2017 and 2018.
Reviews often mentioned unexplained expensive charges and a lack of clarity when customers attempted to investigate them. Since the company closed, former customers complain that they’re still owed money, although as the months have gone by more and more have finally received their money from Ovo Energy.
Many reviews also complained about the provider’s very poor complaints handling process. This was something Ofgem also picked up on in its investigation and acted as a contributing factor in the provider’s closure.
There’s far more to add about what Economy customers have to say about the energy provider. To get all the info, be sure to read our dedicated Economy Energy reviews page.
Account and login
Like most energy suppliers, Economy Energy had an online account where customers could manage their energy usage, keep track of costs and even top-up credit on prepayment meters.
Now the supplier has gone bust, the online account is no longer available and former customers will receive new login details from Ovo or Boost Energy. Check out Selectra’s Economy Energy login guide for recent updates.
The Economy Energy mobile app was designed for prepayment customers. In fact, the app was called the Economy Energy Top Up app. It allowed customers to top up remotely, and quickly, and monitor their energy use directly through their phone.
Economy Energy’s Top Up app has very different review averages depending on whether you’re looking at the Apple App Store or the Google Play Store. On Apple, the app has a full 4.6 stars, which is very high compared to other energy apps. On Google Play, Android’s app platform, the app only has 2.2 stars.
As recently as April 2019, some customers reported the app was working without issue, but most customers have expressed that they were advised to switch to Boost’s app. This has similar features to the Economy Energy app.
Prices and tariffs
Just before Economy Energy UK went bust, it only offered one tariff, albeit with slight variations for prepayment customers. The Evergreen Direct Saver tariff was a variable tariff available for customers with both standard meters and prepayment meters. Prepayment customers paid slightly higher prices, but this is an industry-standard - prepayment tariffs are usually more expensive.
As a variable tariff, this Economy Energy tariff did not enforce any exit fees, meaning customers could leave the contract whenever they wanted to without facing charges.
Prices compared to the market
Now that we’ve cleared up Economy Energy’s tariff options, let’s jump into how its prices compared to other UK suppliers.
To make that comparison, we’ve found the average yearly energy spend for a three-bedroom flat in London with the Evergreen Direct Saver standard tariff. We’re comparing that number to the national energy price cap in 2018/2019.
|Utility||Unit rate per kWh||Standing charge per kWh|
Average annual spend: £1,130.00
*all prices include VAT at 5%
Looking at the numbers above, compared to the UK price cap our average London household would save about £120 with Economy Energy. This is a decent amount of savings, but with ‘economy’ in the name, we were expecting a bit more. To give some context, the cheapest tariff on the market is more than £400 less than the price cap.
The provider also unleashed some dramatic price increases on its customers in its final months. In September 2018, the energy provider raised its tariff rates so much that the average household would pay £311 more per year! This increase made Economy Energy far from one of the more affordable energy suppliers on the UK market during its final months.
Economy Energy UK did not offer business energy tariffs to customers. In retrospect, businesses who would have considered using the company can be grateful for avoiding the hassle of having their supplier unceremoniously shut down.
How do I top up Economy Energy?
For prepayment customers, the Economy Energy top-up process could be completed in five ways: online, in-store, phone, text or via the mobile app. The minimum top-up amount was £10 and the maximum was £99.
- Online - to perform the Economy Energy top-up online, customers needed to log in to their online payment account, select the supply they wanted to top up (gas or electricity), enter the amount and enter payment details. The meter would then be automatically topped up with the credit.
- In-store - customers could also top up at any Paypoint store. To do this, customers needed to take their electricity or gas card to the store, top-up, and then insert their card into the meter to transfer the credit.
- Phone - another Economy Energy top-up method was the automated phone line on 0333 103 9053.
- Text - after registering for an online account, customers could also top up by text by sending PAY followed by their top-up card number and the amount to 0247 610 0767.
- Top up app - the Economy Energy app was another top-up option. The app was free to download from both the Google play store and App store.
Emergency creditEconomy Energy emergency credit was £10, meaning customers had access to £10 of credit when they were running low and couldn’t afford to top up. Customers should be aware that with Boost (the new supplier for prepayment customers) emergency credit is only £5.
As is the case with most energy companies, Economy Energy UK offered several services and benefits to its customers beyond bare-bones tariffs.
1. Economy Energy Warm Home Discount
A popular way of reducing energy bills that UK energy customers seek out is the Warm Home Discount, a government discount scheme designed to help pensioners and others at risk of fuel poverty with a one-off discount during the colder winter months.
Economy Energy was one of the few smaller independent energy suppliers that offered the Warm Home Discount. Luckily for former customers of the failed provider, Ovo Energy and Boost Power, which took over Economy Energy’s customers, also offer the discount.
Even though some smaller, independent suppliers don’t offer the discount, they offer much cheaper prices than bigger suppliers. This means that they often work out cheaper even without the discount, so don’t rule them out just because they don’t offer it!
2. Smart meters
Economy Energy did offer smart meters, mainly for prepayment customers. These allowed prepayment Economy Energy smart meter customers to top up online or through the supplier’s handy mobile app, as well as keep a closer eye on their energy usage.
The good news with smart meters is customers did not need to take Economy Energy meter readings. These were automatically provided through the smart meter, meaning more accurate (and hopefully cheaper) bills.
3. Cashback and referral scheme
Economy Energy offered a referral scheme to its customers, giving existing customers a cashback incentive for recruiting their friends and family to the energy supplier. Existing customers who successfully referred an associate were given £20 per referral, with a monthly cap of £200 per month.
Economy Energy’s UK fuel mix was quite disappointing. Its mix of electricity was, quite frankly, dreadful. According to Electricity Info, only a measly 2.6% of the provider’s electricity came from renewable energy sources, which is well below the UK energy industry national average.
While several other energy companies have the same percentage of renewables, no energy supplier in the UK has fewer renewables in their fuel mix, making Economy Energy one of the worst.
For the year 2018/2019, Economy Energy’s suppliers of last resort (Boost and Ovo) got 39% of their energy from green sources. While this is an improvement to Economy Energy, you can do better - an increasing number of UK providers supply upwards of 50% of their energy from renewables, and some are even 100% green. Call us today to switch to a 100% renewable energy provider.
How do I contact Economy Energy?
Even though Economy Energy has closed, former customers may still need to get in touch with the supplier for final bills and unresolved issues. These will be handled by the Economy Energy customer liaison team.
- Economy Energy customer liaison team: 0333 1030 104
For other contact information, including useful links to get in touch with the supplier of last resort and how to solve unresolved complaints, head to our Economy Energy contact page.
Economy Energy had some perks for its customers, with a prepayment mobile app, £20 rewards for referring new customers, smart meters and the Warm Home Discount for applicable households.
However, those perks pale in comparison to the company’s flaws. For being marketed as a discount energy company, its prices were very high. It also had numerous issues with customer service, the worst being confusing and borderline illegal billing issues.
As a result, the energy supplier receives 2/5 stars and a ‘good riddance’ from our team at Selectra.