[EggyBread]

Possibly. With only 15k customers, though, that's not that bad for another supplier to absorb. But, the super cheap rates will be unlikely to be kept.

It's all about risk management - if you can stomach the risk of that sort of thing happening, stay put. If the risk is too great for you, then I'd suggest migrating away now, and having control (rather than being an unwilling rider of that particular roller-coaster)

Only spending the low £40pm. No solar/ev/ashp atm so will continue to risk it a little longer. Surprised there are so few customers. A hangover from the heady days following covid?

 

[Electrickery]

Well just got my latest bill. At least they are still "in business"!

 

[Pmholling]

So what happens if TE really goes pear shaped, farmed out to supplier of last resort then locked into an unfavourable tariff for quite sometime?

Possibly. With only 15k customers, though, that's not that bad for another supplier to absorb. But, the super cheap rates will be unlikely to be kept.

It's all about risk management - if you can stomach the risk of that sort of thing happening, stay put. If the risk is too great for you, then I'd suggest migrating away now, and having control (rather than being an unwilling rider of that particular roller-coaster)

Yes, if their license is revoked they would almost definitely go into administration immediately, and OFGEM would appoint and transfer you to an SoLR. The SoLR doesn't have to honour your fixed contract, and likely would be unwilling to do so. The reason for this is that SoLR payments are done purely based on the current SVR tariff plus the new supplier would likely be a fully obligated one. They aren't going to want to lose their shirts on people on what are now essentially unhedged fixes.

As to how long you have to be on the SoLR's tariff that would depend on many things. Officially, once the SoLR has all of the requisite billing information up to and including your meter readings from before and during the transfer you should be able to jump ship. However, with some collapses this data has taken quite a while to pry out of the hands of the administrator.

 

[Electrickery]

Yes, if their license is revoked they would almost definitely go into administration immediately, and OFGEM would appoint and transfer you to an SoLR. The SoLR doesn't have to honour your fixed contract, and likely would be unwilling to do so. The reason for this is that SoLR payments are done purely based on the current SVR tariff plus the new supplier would likely be a fully obligated one. They aren't going to want to lose their shirts on people on what are now essentially unhedged fixes.

As to how long you have to be on the SoLR's tariff that would depend on many things. Officially, once the SoLR has all of the requisite billing information up to and including your meter readings from before and during the transfer you should be able to jump ship. However, with some collapses this data has taken quite a while to pry out of the hands of the administrator.

Years ago I was switched, and they did actually honour the fix. But last time, with Symbio, they most certainly didn't and I went from something like 11p a kWh to over 30p!

 

[Pmholling]

Years ago I was switched, and they did actually honour the fix. But last time, with Symbio, they most certainly didn't and I went from something like 11p a kWh to over 30p!

It will all depend if the fix is above or below their current cost points. On the wholesale side we are better off now than we were 8 months ago. But many of the other costs are substantially higher, especially with the WHD expansion.

 

[Astolat]

I don't think that is how 'paper companies' work.

That’s exactly how any commercial company works. As the saying goes, “turnover’s vanity, profit for sanity, cash for reality”. Cash-flow is the biggest reason early-stage companies fail, and not having a handle on it is a big red flag.

 

[Blanik]

Possibly. With only 15k customers, though, that's not that bad for another supplier to absorb. But, the super cheap rates will be unlikely to be kept.

It's all about risk management - if you can stomach the risk of that sort of thing happening, stay put. If the risk is too great for you, then I'd suggest migrating away now, and having control (rather than being an unwilling rider of that particular roller-coaster)

I jumped at the end of May - my average rate went from 12.2p/kwh to 15.1 - fixed for 12 months, so has cost me about £20pm. But I then got £100 credit split with my Daughter so have broke even so far.

If TE had gone bust, and I ended up on an SVT it would be closer to £90 pm extra - too big a risk.

 

[tom66]

The way the energy market is configured, there's effectively nil risk to sticking with a supplier until they do go pop. If the SoLR process does happen, just jump to whomever offers the next best deal. Credit balances are protected in law, and whilst you might briefly pay the SVT, that period shouldn't be very long provided you move quickly.

One could argue that perhaps insulating consumers so well from dodgy firms does make consumers less willing to consider reputation and stability, but it's better than the alternative of letting consumers lose a lot of money due to factors outside of their control.

 

[EggyBread]

Great thing is no credit balance so not invested in any way. Being an off peak tariff If they go pop is likely I'll end up on someone else's off peak offering by default?

 

[tom66]

Great thing is no credit balance so not invested in any way. Being an off peak tariff If they go pop is likely I'll end up on someone else's off peak offering by default?

I think you will just end up on a SVT, I don't think they consider what tariff you are on.

For instance I was with GB Energy on an Economy7 tariff when they went pop, I moved within days to Yorkshire Energy, but in the interim they'd moved me over to British Gas on a SVT tariff. It was relatively painless, though I did have a week without any Economy7 function.

 

[Evviva]

Did anyone go over the fixed term? My tariff is expiring in November but I don't know which is going to be the cost afterwards, nor if it will be still setup with the 3 different price bands.

 

[Electrickery]

Did anyone go over the fixed term? My tariff is expiring in November but I don't know which is going to be the cost afterwards, nor if it will be still setup with the 3 different price bands.

I am past the fixed term, they are still billing me at the same rates

 

[EggyBread]

I am past the fixed term, they are still billing me at the same rates

Mee too. All good.

 

[Somebody]

I am past the fixed term, they are still billing me at the same rates

From another forum, a user posted that having spoken to customer services to enquire on what happens when the 12 months is up, they are rolling over at the same rates until the OFGEM situation is resolved one way or another.

 

[EggyBread]

Another cheap month. Should really make more use of cheap time but CBA.

 

[mikeiow]

Another cheap month. Should really make more use of cheap time but CBA. View attachment 216477

Indeed….the beauty of batteries & solar keep us firmly into the off-peak hours, around 95%. Including all motoring, of course 💪

Long May it last 💪🤞👀

 

[Pmholling]

Indeed….the beauty of batteries & solar keep us firmly into the off-peak hours, around 95%. Including all motoring, of course 💪


View attachment 216501

Long May it last 💪🤞👀

I don't know what region you are in, but a quick BoE analysis for a fully un-obligated supplier using NW England as the region (I think Tomato have ROC requirements) would put the required weighted average wholesale price for them to break even on the unit supply side, for you at somewhere in the £17-£23/MWh range, before their internal costs. If we assume full ROC obligations the wholesale price would have to be negative. Obviously one customer's profile does not make a statement about the general demand, using more generic demand you get slightly higher allowable wholesale costs, but it is still not stocking.