Last week, GB Energy ceased trading. We want to reassure our customers and anybody looking to switch to us, that you will be safe with us this winter.
When a supplier goes out of business nobody benefits. In a very competitive marketplace, treating customers fairly and responsibly is paramount.
For us, this means not trying to grow too quickly, to ensure we can service our customers in the best way possible. And it also means protecting them – and us – against rising wholesale energy prices.
This is how we’re very different to GB Energy. Despite being smaller, we have been able to forward buy energy for our customers, meaning we have all the energy we need for this winter and beyond.
Suppliers that don’t do this are gambling on wholesale price movements, and will be forced to put their prices up for new customers. Or worse, may risk going out of business, because they don’t have the energy or the money needed to service their current customers.
This is not responsible practice – and those who will now be suffering are GB Energy’s customers, the industry and their own colleagues, who will lose their jobs.
We call on Ofgem to demand more rigorous suitability criteria for new suppliers as part of the market entry process, to include how the new supplier plans to buy their customers’ energy, how they plan to look after their energy needs, and to evidence the knowledge and experience their senior team have in the energy industry.