Wow, prices are crazy. Checked a few sites and the best quotes so far are coming in well over £500 per year more than I’m currently paying - that’s putting in my actual usage, and I’m well in credit at the moment too!
I have just moved from Igloo to Edf as igloo have just put the prices up again. I locked into a 3 year deal which will cost me £11 a month more then with Igloo after the price rise.Edf were best for us, we just went fixed for 3 years, no exit fees. prices are starting to get crazy.
Be very careful, maybe cancel if you can !!Just renewed on a fixed 1 year deal with Neon Reef as I did no want to wait and find rates increasing even more. In the end I my unit rate has increased by just under 5p/kWh, so approx 40% more than what I have been paying for the last 18 months. I’m resigned to laying about £1k a year more for my energy over the next 12 months, and hopefully this is a short term anomaly, but who knows where the wholesale market will be next year!
That’s a bit of a worry, but as I’m switching away from Symbio, and have the rigmarole of convincing them to stop blocking the transfer due to debt (which is entirely fictitious as they estimate my usage at more than 4x what I actually use), it takes a lot longer to get to the point of being able to transfer. Neon Reef are several hundreds of pounds a year cheaper than my next best offer, although still more than £1k a year more expensive than what I’ve been paying recently, so it’s a case of needs must until such time as they fold.Be very careful, maybe cancel if you can !!
Neon Reef is a sister company to Utility Point who went bust yesterday.
They are situated in Bournemouth a few miles away from Poole where Utility Point are/were and most worryingly have the same CEO namely Ben Bolt.
The energy grapevine says Symbio is also in trouble. EDF have been appointed to take on Utility Point customers.I had a look at Symbio on Trustpilot and someone in your situation trying to switch (could be you) has some good advice, post is by JE about 6 posts down as of now. I will say one thing for them though, they don't seem to be using (many) fictitious customers giving excellent 5 star ratings unlike a company I used to be a customer of.
The new company is also responsible for taking on any credit balances the customer may have.
Slightly misleading headline. Essentially companies who didn’t hedge their volumes in advance are buying on the market at these incredible prices. That and their payments under the renewable obligations scheme are due to Ofgem on 1st October. For those reasons it’s highly likely that a few will go to the wall. Symbio and Avro are 2 who are in trouble but I don’t know who the others might be?