This energy provider has shut down and is no longer operating.

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Economy Energy closes: refunds & final bills info

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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, take a look at the company’s reviews, prices and extra services to try and to understand why it went bust.

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?

This company has ceased trading. For more information affected customers should contact the new supplier directly.

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 backlash after customers complained about money being removed from their bank accounts without notice or explanation. The main reason for complain was that customers insisted that their accounts had been in order and that they owed no money to the supplier.

This signaled the beginning of the end for the supplier. Customer complaints led to Ofgem opening a formal investigation, and at the beginning of 2019, the regulatory body banned the supplier from taking on new customers. 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 disruption 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.

Customers who are with an energy supplier that goes bust are under no obligation to stay with the new supplier that takes over. They will also not be charged exit fees when leaving.

Final bills

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?

Since the closure of this supplier, information in this guide is no longer frequently updated. All information presented here was correct at time of original publication and is for reference purposes only. For more up to date information please contact the new supplier directly.

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 303 5063 or Boost Energy (if you are a prepayment customer) on 00330 102 7517.

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.

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

As mentioned before, Economy Energy reviews shor reports of the company taking money from bank accounts and Ofgem’s subsequent investigation.

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While it was still in business, it appears that 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 passed many have now 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.

While these were the main complaints, to view all the info, be sure to have a look at Selectra's dedicated guide to Economy Energy reviews.

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.

Mobile app

Since the closure of this supplier, information in this guide is no longer frequently updated. All information presented here was correct at time of original publication and is for reference purposes only. For more up to date information please contact the new supplier directly.

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 had very different review averages depending on whether you used the Apple App Store or the Google Play Store. On Apple, the app had a full 4.6 stars, which is very high compared to other energy apps. On Google Play, Android’s app platform, the app only had 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 Energy'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.

These tariffs are no longer offered For up-to-date pricing information, please contact the new supplier.

Looking at the numbers above, compared to the UK price cap our average London household could save with Economy Energy.

The provider also had some dramatic price increases in its final months. In September 2018, the energy provider raised its tariff rates, and the average household would likely pay more per year. This increase made Economy Energy more expensive that some of the more affordable energy suppliers on the UK market during its final months.

How do I top up Economy Energy?

Since the closure of this supplier, information in this guide is no longer frequently updated. All information presented here was correct at time of original publication and is for reference purposes only. For more up to date information please contact the new supplier directly.

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.

  1. 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.
  2. 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.
  3. Phone - another Economy Energy top-up method was the automated phone line on 0333 103 9053.
  4. 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.
  5. 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.

Extra Services

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. For former customers of Economy Energy, the new suppliers that took over, Ovo Energy and Boost Power, also offer the discount.

Although some small suppliers may not offer the Warm Home Discount, they may offer cheaper prices than larger suppliers that do. Make sure to do your homework and have a look around.

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.

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Fuel mix

According to Electricity Info, only 2.6% of the Economy Energy’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 had fewer renewables in their fuel mix, making Economy Energy one of the lowest.

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 adminstrator.

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.

The services and products mentioned on this website may only represent a small selection of the options available to you. Selectra encourages you to carry out your own research and seek advice if necessary before making any decisions. We may receive commission from selected partner providers on sales of some products and/or services mentioned within this website. Our website is free to use, and the commission we receive does not affect our opinion or the information we provide.

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