GB Energy Supply ceased trading


As from the date of this post, GB Energy Supply are no longer trading.

GB Energy logo

This is very unfortunate for many of their new customers. But it couldn’t have happened at a safer time. OFGEM have recently passed a ruling which protects the consumers for exactly this reason.

This has never happened to an Energy Supplier before. So this is a first.

Don’t worry too much if you are an existing customer of GB Energy Supply. You are protected. You will be placed with another supplier and, any credit will be rectified through the new OFGEM ruling.

This outcome just reinforces what we at EAS UK recommend to consumers when switching energy supplier. View this

Update 30th November 2016

Ofgem has chosen Co-operative Energy to take on supplying GB Energy Supply’s customers. The company will honour all outstanding credit balances for both current customers, and for past customers of GB Energy Supply who are still owed money. For current customers any credit on their account will be used to offset future energy use.

The appointment of Co-Operative Energy follows a competitive process run by Ofgem to get the best deal possible for GB Energy Supply’s customers.

Co-operative Energy is offering GB Energy Supply’s customers the same price as they were paying before, both for customers on fixed deals and on standard variable tariffs. If customers wish to change their tariff, they should ask Co-operative Energy to switch to another deal, or shop around. No exit fees will be charged.

The cost of protecting customers’ balances will be partly met by Co-operative Energy and the rest will be covered by the safety net put in place by Ofgem, which is funded by a levy spread across all energy suppliers.

Read the full publication at the OFGEM website

 

 

This is what you will see on the Gb Energy Supply website.

 

 

26/11/2016

Dear Customer,

It is with regret that we are informing you that GB Energy Supply is no longer trading and therefore you will be unable to access our website at this time.

Due to swift and significant increases in energy prices over recent months and, as a small supplier our inability to forward buy energy to allow us to access the best possible wholesale prices, means that the position of the business has become untenable and as such we will now be entering a process overseen by Ofgem to move you to a new supplier.

Customers will be contacted soon by their new supplier with more information on how this process will affect them.

More information is available on the Ofgem website at: https://www.ofgem.gov.uk/ofgem-safety-net

During this process, all customer contracts will be honoured, so please rest assured that your supply will not be affected.

We understand that customers will want to contact our call centre to discuss this, however we request that you refrain from doing so at this time and instead wait until we contact you with further information.

Yours sincerely

Luke Watson
Managing Director

GB Energy Supply Ltd is a company registered in England and Wales. Company No: 08500842. Registered Office: 842 – 844 Garstang Road, Broughton, Preston, PR3 5AA

10 Comments

  • Iain (#)
    November 27th, 2016

    I have a credit balance of around £250 with GB Energy, will I have lost this? How quickly will I be able to find my own new energy supplier at the best rate? Are energy companies still allowed to demand more than one months energy costs are paid in advance? I think that this practice is shocking.

    Also, when did the company know that they were insolvent, yet they still took peoples money in advance of energy provided?

    • Martin Ramsey
      Martin Ramsey (#)
      November 27th, 2016

      Under the new safety net scheme which was introduced by OFGEM just a few weeks ago, your credit is protected. However, because this is the first time an energy supplier has gone bust, the process will probably not be straight forward. It’s going to take a bit of time to get sorted out. Patience is almost definitely going to be needed with this one!
      Many of the suppliers don’t take payment in advance. At the moment it just seems to be some of the newer suppliers who follow this practice.

  • Ted Pinch (#)
    November 27th, 2016

    I was a GB Energy customer until they went into administration. My account was £389 in credit as at 18 November so I’m relieved to read that this money will be protected (although it may take time to sort out).

    My query relates to my monthly direct debit payment to GB Energy. This is an issue which impacts on all GB Energy customers. My next monthly direct debit payment to GB Energy is due on 9 December 2016. Should I cancel my direct debit authority or let the next payment to GB Energy go ahead as per normal. My concern is that future monthly payments will go to the administrator and will not be refundable to me.

    Advice will be appreciated.

    • Martin Ramsey
      Martin Ramsey (#)
      November 27th, 2016

      Hi Ted. Sorry you have become a victim of this awful predicament. OFGEM advise to keep paying your direct debit. This will be handled by the administrator and continue to be counted toward your energy supply!

  • Sheila woolley (#)
    November 27th, 2016

    I am a GB energy customer and am very concerned as we will be away from home for the next two months visiting our daughter overseas. Therefore we will not be here to deal with any correspondence that may come regarding switching.
    The advise is to do nothing right now but I’m worried well come home at the coldest time of year to discover we have no supplier at all.
    Any advice would be welcomd

    • Martin Ramsey
      Martin Ramsey (#)
      November 27th, 2016

      Hello Sheila. I understand your concerns. Under the ruling with the OFGEM safety net, you won’t be left without a supplier nor an energy supply. This is all going to take some time to sort out though. This is the first time this has happened to an energy supplier, so there will be a bit of a learning curve with the whole process. Whether you are at home, or not, will not have an affect on your supply. At the end of the day, it’s not a matter of life and death. Relax, go and enjoy your nice long holiday!

  • Samantha Smith (#)
    November 27th, 2016

    I actually emailed them 2 weeks ago as I thought it was odd they didn’t take the payment on 11th. Im glad they haven’t now. I’m still waiting for a reply. But replying was not one of their strong points!

  • Dr. G. Williams (#)
    November 28th, 2016

    I contacted GB Energy as they had taken more than usual from my bank for the monthly direct debit. I was told that this was because of energy price increases. I told them I was on a fixed tariff and they said that it was an error as they were setting up SMART meter systems. Clearly, not an error but a company in trouble. The advice at the start of this page is a warning….don’t always choose the cheapest! Easy, after the event!

    • Martin Ramsey
      Martin Ramsey (#)
      November 28th, 2016

      Very sorry to hear you have been caught up in this awful situation. To avoid being caught in a similar situation in the future, please do research into any supplier you are not familiar with. The reviews on this website will always help you with any important information on energy suppliers.

  • Barry Tucker (#)
    November 28th, 2016

    My DD payment was also substantially increased recently and is now at a level which will generate a growing credit balance, even if there is a prolonged cold spell. The meter readings I took yesterday show I have a credit balance of £172. This is likely to increase to at least £200 if a DD is taken in December, after deducting the cost of energy used. I will wait to see what advice Ofgem offers and what progress it makes on the transfer to a new supplier over the next few weeks. However, since I see no point in building up a growing credit balance, I may decide to stop my next DD payment due at the end of December.

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