It comes as nine energy firms have collapsed in the last month alone, in a move that affects around 1.7million households. Check how your bills are changing below
Martin Lewis’ MoneySavingExpert website has explained how much your energy bill is going up by if your supplier has gone bust.
Nine energy firms have collapsed in the last month alone due to sky-rocketing gas prices, in a move that affects around 1.7million households.
Igloo Energy, Symbio Energy and ENSTROGA yesterday became the latest energy providers to go under, leaving 233,000 people in limbo.
It comes after six other energy firms all collapsed this month.
Green and Avro Energy were the next to go under, both collapsing on September 22.
When your energy supplier goes bust, the regulator Ofgem will assign you a new provider and you’ll be moved over under a new tariff.
For those who’ve just been moved over, MoneySavingExpert has rounded up how much your bills will now go up by.
Are you worried about how you’ll pay your bills? Let us know in the comments below
How much your energy bill is going up by
All the tariffs people will be moved across to are variable tariffs with no exit fees, priced at the max allowed, or just under the price cap.
Here is how your old and new prices compare:
- Was: Avro Energy (£870 – £1,040)
- Now: Octopus Energy ‘Flexible Octopus’ (£1,266)
- Was: Green (£810 – £1,290)
- Now : Shell Energy ‘Flexible 6’ (£1,277)
- Was: People’s Energy (£920 – £1,340)
- Now: British Gas ‘The People’s Tariff’ (£1,277)
- Was: PFP Energy (£830 – £1,170)
- Now: British Gas ‘Price Promise Apr 2022’ (£1,277)
- Was: Utility Point (£830 – £1,120)
- Now: EDF Energy ‘Welcome’ (£1,277)
MoneySavingExpert wasn’t able to provide data for those being move from MoneyPlus Energy, and those who were with Igloo, Symbio and ENSTROGA have yet to be assigned a new energy firm.
MSE also warns how prices are likely to rise again in April when the energy price cap – the maximum amount suppliers are allowed to charge – is updated.
The energy price cap is increasing from this Friday (October 1) meaning a rise in energy bills for 15million households.
Those on default tariffs paying by direct debit will see an increase of £139 from £1,138 to £1,277.
Prepayment customers will see a rise of £153 from £1,156 to £1,309.
What to do next if your energy firm goes bust
Ofgem, or you new energy firm, should provide you with more information if your current supplier has gone under.
The general advice right now is to sit tight and wait for your new supplier to message you with more details.
In the meantime, you should take a meter reading for when your new supplier contacts you.
You should wait until you know which firm you’ve been moved to before you decide to look into switching elsewhere.
If you do decide to switch, you won’t be charged exit fees for switching away from your new supplier.
The good news is, your energy supply will continue as normal while Ofgem is deciding which energy firm to move you to.
If you’re owed money by your old energy firm, your new supplier should pay you back any money you’re due.
Similarly, if you owe money, this will need to be paid back to your original energy firm, the administrator or to the new supplier.