Economy Energy Dumps the Bus After ofgem’s “no‑go” Order
Just a few days after Ofgem slapped a ban on Economy Energy from adding new customers, the supplier hiccuped and collapsed. It’s the ninth energy company to go belly‑up in the past year, making the industry feel a bit like a card‑shuffling game of Who‑Dares‑It‑Worse.
What Happens to the 235,000 Homeowners?
- Supply continued – The company’s existing electricity plugs won’t yank the lights out.
- Credit protection – Any outstanding balances are safe; no one runs out of pizza money to pay for their bills.
- New supplier takeover – A fresh energy firm will pick up the accounts, so customers just need to know who’s plugging in next.
Ofgem’s Calm‑Copter Voice
Philippa Pickford, Ofgem’s director for future retail markets, admitted, “We’ve seen a number of supplier failures over the last year and our safety net procedures are working as they should to protect customers.” In plain English: Ofgem’s safety net is the bouncer that makes sure nobody leaves in a blackout.
Quick Tweet‑Digest
When Ofgem warned Economy Energy about “poor customer service” back in January 2019, the regulator turned its twitter into a “no‑additional‑customers” billboard. The message stuck, and now the company has gone the way of the world’s seasonal pumpkin patch.
That’s the low‑down: a shattered supplier, protected customers, and a new name stepping in to keep the lights on. Happy to lend a hand if you’re one of the 235,000 households looking for the next chief “fuel‑master.”
