Unless you’ve been living under a rock these past few years, you know the UK energy sector is going through an incredibly turbulent period.
Energy costs spiralling, fossil fuels returning, and energy suppliers going bust…
It’s all a little bit mad.
But what do you do if your energy supplier goes out of business?
Well, Niccolo Gas and Power has created this six-step guide to help.
The UK Energy Scene
The UK energy market is a challenging and turbulent place, especially at the moment, and even more so for new or smaller suppliers. It is unlikely that you will find yourself without an energy supplier completely out of the blue, but it can happen.
So, what do you do?
Nobody likes unexpected change. For those trying to run a business, it can be crippling.
The good news is that there is a small silver lining, by following these six steps you can potentially even benefit from a change in energy supplier.
Six Steps and Need-to-knows
Your energy supply will not be immediately stopped
Just because your supplier is out of business and has ceased trading, it doesn’t mean that your energy supply will be turned off. Your supply of electricity and gas will continue to make its way onto your premises and into your appliances, so there is not a need to worry. If you do not have a smart meter then it is advisable to take a meter reading now, so that you have up-to-date information to hand.
You will be moved automatically to a new supplier
Ofgem is the independent energy market regulator for the UK energy industry and work on behalf of customers everywhere. You can think of them as your man in the fight.
Once your supplier has gone under, they will begin seeking out a new energy supplier that can take on your account as well as all the other customers left out in the cold. It is their job to achieve the best possible deal for you, and a number of suppliers will actively bid for your business.
You are not locked into any contract
When a decision is made on your new supplier, and you are moved over to their special ‘deemed rates’ you should be contacted with an explanation of all the relevant details. Deemed rates are those that you haven’t chosen, and can last indefinitely. It is absolutely advised to start looking around for a more competitive contract deal as soon as you can.
If bills change, they will probably go up
This is one of the frustrations of having a supplier go out of business. While Ofgem will try their best to get the most competitive deal, deemed contracts are almost always more expensive. Part of the reason for this is that suppliers will have to buy energy at short notice from the wholesale market to deal with the new influx of customers. It is absolutely recommended to get yourself back onto a fixed term contract as soon as you possibly can. This provides bill certainty and a competitive rate.
Feel unhappy? Switch now!
The good news is that you don’t have to stay with your new supplier if you don’t want to. If you would like to leave your brand new, deemed contract, then you can do so without paying any exit fees. This is where the one and only bonus comes with your energy supplier going out of business…
If you had previously been tied down to a four-year contract with your energy supplier with no flexibility to switch and several years left on a ‘not-so-good’ contract, then you now have the opportunity to take matters into your own hands. You are under no obligations to stay with the supplier that you’ve been given and are free to find the most competitive deal available to you.
Find a new supplier
Obviously, we may be a little bit bias in this matter, but finding a supplier that exclusively serves businesses can be an incredibly powerful move. In fact, partnering with Niccolo Gas and Power could provide your business with the cheapest possible energy with seamless customer service.
How did we survive when so many failed?
We understood that during Coronavirus, the main priority for businesses across the UK was simply staying afloat. We helped point our customers in the right directions for support, like the Government support for small and medium businesses in the form of loans and grants.
During the pandemic, we focussed efforts on maintaining the same high standard of service and support for our customers. Our staff continued their work from home, shielding themselves from the virus but also trying to reduce the impact of the pandemic on you and your business.
As always, the best way to get in touch is by giving us a call on 0131 610 8868, with our phone lines open all normal business hours. We maintained our constant availability throughout the pandemic, with many of our customers appreciating this choice.
Smart Meters and Covid
We continued to push for the highest level of standards in all areas of operations. During the Covid pandemic, safety was the most paramount. If our customers needed to delay their smart metering appointment due to the virus, we would contact them to rearrange it for an appropriate date in the future in line with government advice.
All of our home and business visits respected the social distancing and government guidelines, keeping our staff and customers safe. For any work planned to be undertaken, we began by asking customers a few questions to ensure that it was safe for our engineers to visit and returned with an appointment time as soon as this was ascertained.
Covid and our energy supply
As Niccolo Gas and Power have so long in the energy industry, and a wealth of certified energy experts at our disposal – we always felt confident that we could maintain the security of our electricity supply. Our customers appreciated the clarity that came from our offices, letting them know that at no point our supply was in question.
We also recognized that some businesses may struggle during this period of upheaval, so for our customers that are having difficulty in paying their bills, we kept the phonelines manned to speak to them about what help is available. The Government provided lots of support too, including grants and loans.
We recognised the imperative need to have the correct contact details for all of our customers during the pandemic. It helped us keep our clients informed, educated, and confident in our services.
Niccolo Gas and Power
Unlike some suppliers, we actually want to talk to you.
If you are interested in our wide range of tailor-made product offerings then simply get in contact with us today. Or if you would like to find out more about anything discussed in this article, contact us directly or browse our website for ready-made solutions.
When you reach out to us, we will respond as soon as possible with our best prices – saving you money on your energy supply.
You can visit our website at https://niccolo.co.uk/contact-us
Or give us a call on 0131 610 8868
You can even email us directly at email@example.com
We look forward to hearing from you!