Energy supplier has went bust

[ri Alban]

3 hours ago, Harry Potter said:

Imagine the interest😕.

You had go and spoil, Hazza .

 

 

 

 

 

 

 

 

 

 

Edited October 19, 2021 by ri Alban

[ri Alban]

1 hour ago, Jambo-Jimbo said:

 

Some of it was in the form of bonds with no maturity date, effectively pay them off when you can (of course interest charged until you do so), as was the case in 2014 when the UK paid off it's WWI debt but also the debt from the South Sea Bubble of 1720 (not a typo). 

WWII debt was paid off in 2006.

https://www.aljazeera.com/economy/2020/6/10/decades-of-debt-uks-finance-chief-told-to-make-gradual-pay-offs

 

2020 they paid off some long time debt to America. The News said it was WW2 debt.

Edited October 19, 2021 by ri Alban

[Jambo-Jimbo]

4 minutes ago, ri Alban said:

2020 they paid off some long time debt to America. The News said it was WW2 debt.

 

29 December 2006 the UK paid off the last of it's WWII debt, according to reports.

https://www.politics.co.uk/news/2006/12/29/britain-finally-pays-off-wwii-debt/

https://www.warhistoryonline.com/instant-articles/britain-only-settled-debts.html

 

2020 might have been some other debt owed to the US, but it doesn't appear to have been for either WWI or WWII.

[ri Alban]

1 minute ago, Jambo-Jimbo said:

 

29 December 2006 the UK paid off the last of it's WWII debt, according to reports.

https://www.politics.co.uk/news/2006/12/29/britain-finally-pays-off-wwii-debt/

https://www.warhistoryonline.com/instant-articles/britain-only-settled-debts.html

 

2020 might have been some other debt owed to the US, but it doesn't appear to have been for either WWI or WWII.

👍

[ri Alban]

4 minutes ago, Jambo-Jimbo said:

 

29 December 2006 the UK paid off the last of it's WWII debt, according to reports.

https://www.politics.co.uk/news/2006/12/29/britain-finally-pays-off-wwii-debt/

https://www.warhistoryonline.com/instant-articles/britain-only-settled-debts.html

 

2020 might have been some other debt owed to the US, but it doesn't appear to have been for either WWI or WWII.

👍 

 

Still $368b in debt to the US.

[Jambo-Jimbo]

Scottish Power's CEO Keith Anderson, reckons that at least 20 more energy firms could go bust in the next month.

If he's right then things are about to get a lot worse for an awful lot of people.

https://news.sky.com/story/energy-boss-demands-price-cap-reform-as-firms-face-5bn-bill-for-market-mess-12439866

[Dirty Deeds]

https://news.sky.com/story/government-accelerates-planning-for-collapse-of-big-energy-supplier-bulb-12453948

[Japan Jambo]

On 19/10/2021 at 13:40, ri Alban said:

👍

 

Still $368b in debt to the US.

 

wonder if they'll write that off if we promise to take Harry & Meghan back?

[SwindonJambo]

7 minutes ago, Japan Jambo said:

 

wonder if they'll write that off if we promise to take Harry & Meghan back?

 

Nah, they can keep them. Cheap at the price 👍

 

Meanwhile the wholesale price of gas has fallen significantly this week, to 173p per therm from a peak of 300p at the start of the month. Big falls this week.

 

https://www.bbc.co.uk/news/topics/cxwdwz5d8gxt/natural-gas

 

 

 

 

[SwindonJambo]

On 19/10/2021 at 13:40, ri Alban said:

👍

 

Still $368b in debt to the US.

 

I know you like to kick the UK at every opportunity but the US National Debt is double ours as a proportion of its population.  France has a similar sized debt and Italy's is much worse. Few states around the World  have no national debt. 

[ri Alban]

3 minutes ago, SwindonJambo said:

 

I know you like to kick the UK at every opportunity but the US National Debt is double ours as a proportion of its population.  France has a similar sized debt and Italy's is much worse. Few states around the World  have no national debt. 

Just pointing out facts, bud. Hypocrisy bugs ma tits. Oh and if a war did come I'd be first in line to fight for the UK. 

Even if Scotland were independent.

Edited October 29, 2021 by ri Alban

[luckydug]

2 hours ago, ri Alban said:

Just pointing out facts, bud. Hypocrisy bugs ma tits. Oh and if a war did come I'd be first in line to fight for the UK. 

Even if Scotland were independent.

Depends who they were fighting surely ? 

[Tazio]

52 minutes ago, luckydug said:

Depends who they were fighting surely ? 

Nah. Give him enough cheap cider and he’ll fight anybody. 

[The Real Maroonblood]

4 hours ago, ri Alban said:

Just pointing out facts, bud. Hypocrisy bugs ma tits. Oh and if a war did come I'd be first in line to fight for the UK. 

Even if Scotland were independent.

Of course you would.

[Dennis Reynolds]

https://www.independent.co.uk/news/business/bulb-energy-supplier-collapse-b1947708.html

 

That's Bulb looking likely to go now. Bulb were excellent when I was with them and would be a huge miss. 1.7 million customers.

[gjcc]

Come to the end of my deal and now the cheapest option is to remain with my supplier paying the price cap. What a world!

[SwindonJambo]

24 minutes ago, gjcc said:

Come to the end of my deal and now the cheapest option is to remain with my supplier paying the price cap. What a world!

 

It's the same story everywhere. Martin Lewis said on his regular Radio 5 slot that the best option for almost everyone is to stay with whoever you're with and grin and bear the price cap until normality returns, if it ever does.

 

I'm with Shell Energy on a super cheap tariff until the end of February, when I'll be in the same boat. I ended up with them after previously being with Tonik, who went bust. Shell Energy are losing money hand over fist but being part of a huge corporation, they'll be fine.

With Bulb likely to go under, the number of players in future is going to be very low.

 

What times we live in. Looks like the 70s are back. Best keep a shoe box full of candles ready in case of power cuts 😳

[Jambo-Jimbo]

8 hours ago, LMc said:

https://www.independent.co.uk/news/business/bulb-energy-supplier-collapse-b1947708.html

 

That's Bulb looking likely to go now. Bulb were excellent when I was with them and would be a huge miss. 1.7 million customers.

 

I'm with bulb and it will be a shame if they go, as I can't fault them in any way, price wise or customer service.

Had a problem when my gen2 smart meters were fitted, basically weren't working right, anyway sorted after just one phone call and Bulb gave me £30 credit for any inconvenience caused (which there wasn't), compare that to Scottish Power, a neighbour is on his second gen2 smart meter and has had ongoing problems for the last 18 months with Scottish Power and he's sick of them, wants to change supplier but will hold fire just now.

 

Back to Bulb, took photos of my account balance etc last night, just in case, as I am in credit, I keep my monthly statements anyway.

 

Piece just on BBC news this morning and the guy was saying that every supplier is losing between £400 - £500 per customer just now, so if Bulb goes and 1.7 million customers need to be transferred to different suppliers, then probably that's too many people to be transferred to just one supplier so might have to be spread about or that Bulb is run as a going concern by the administrators until such time as a buyer is found or people can be transferred bit by bit.

 

Either way, it's all outwith my control so I'm not worrying about, if they go bust they go bust, no matter what happens my bills are going to increase in the coming months...........oh well the cheap energy was good whilst it lasted.

[Jambo-Jimbo]

Meant to add, that Bulb hasn't had anyone transferred over to them from other bust suppliers by OFGEM this whole year, that is possibly a clue as to the state they are in.  You would have thought as Bulb being the 7th largest supplier they would have picked up some of the customers from other companies, but no.

Edited October 30, 2021 by Jambo-Jimbo

[Japan Jambo]

2 hours ago, Jambo-Jimbo said:

Meant to add, that Bulb hasn't had anyone transferred over to them from other bust suppliers by OFGEM this whole year, that is possibly a clue as to the state they are in.  You would have thought as Bulb being the 7th largest supplier they would have picked up some of the customers from other companies, but no.

 

also with Bulb. Shocked when I looked at the financials a few weeks ago - huge retained losses, very few fixed assets given their heft and minimum share capital (£100)...

 

 

 

[Jambo-Jimbo]

5 companies have ceased trading over the last two days.

Bluegreen

Omni Energy

MA Energy

Zebra Power

Ampoweruk

They had collectively around about c30k customers.

 

[Jambo-Jimbo]

CNG Energy have ceased trading today, they supplied 41k non-domestic customers.

https://www.ofgem.gov.uk/publications/ofgem-protects-customers-cng-energy-limited

[RobboM]

It's been a couple of months since my energy supplier went bust and British Gas took over my account.
It's now getting to the point of entering meter readings and setting up a direct debit. The estimated readings from old supplier looked reasonable given the record I had at the time so I put in the latest readings.
Direct debit used to be around £150 per month. New direct debit estimated as £3,200 per month.
I was expecting an increase but that's a ****ing sore one! 😂

[hughesie27]

13 minutes ago, RobboM said:

It's been a couple of months since my energy supplier went bust and British Gas took over my account.
It's now getting to the point of entering meter readings and setting up a direct debit. The estimated readings from old supplier looked reasonable given the record I had at the time so I put in the latest readings.
Direct debit used to be around £150 per month. New direct debit estimated as £3,200 per month.
I was expecting an increase but that's a ****ing sore one! 😂

Everyone wants to be leaving British/Scottish Gas/Power ASAP.

 

They are incredibly bad with their pricing.

[Dirty Deeds]

Two more collapse today

https://www.theguardian.com/business/2021/nov/16/neon-reef-social-energy-uk-power-suppliers-go-bust

[Dirty Deeds]

Bulb now bust but "special" administration for them.

 

https://news.sky.com/story/bulb-on-brink-of-collapse-amid-government-talks-with-creditor-12475565

 

https://bulb.co.uk/blog/bulb-special-administration

 

 

Edited November 22, 2021 by Dirty Deeds

[Jambo-Jimbo]

24 minutes ago, Dirty Deeds said:

Bulb now bust but "special" administration for them.

 

https://news.sky.com/story/bulb-on-brink-of-collapse-amid-government-talks-with-creditor-12475565

 

https://bulb.co.uk/blog/bulb-special-administration

 

 

 

I think this special administration allows the administrators to run the company as normal backed by the Government, until such time as either someone else takes bulb over and or customers are transferred bit by bit over to other suppliers, as nobody in the market could suddenly take 1.7 million customers in one go.

 

[Dirty Deeds]

Just now, Jambo-Jimbo said:

 

I think this special administration allows the administrators to run the company as normal backed by the Government, until such time as either someone else takes bulb over and or customers are transferred bit by bit over to other suppliers, as nobody in the market could suddenly take 1.7 million customers in one go.

 

I can't imagine that they'll honour any customer fixed tariff deals as that would mean the tax payer picking up the bill 

[Jambo-Jimbo]

2 minutes ago, Dirty Deeds said:

I can't imagine that they'll honour any customer fixed tariff deals as that would mean the tax payer picking up the bill 

 

They don't have any fixed tariff deals, they only have one standard tariff which every customer is on.

[Dirty Deeds]

2 minutes ago, Jambo-Jimbo said:

 

They don't have any fixed tariff deals, they only have one standard tariff which every customer is on.

That's good and jobs protected for the short term at least.

[OBE]

1 minute ago, Jambo-Jimbo said:

 

They don't have any fixed tariff deals, they only have one standard tariff which every customer is on.

 

In 12 weeks, bills went from £87 pm up to £132 pm, something had to give, sorry to see them go...

[Jambo-Jimbo]

6 minutes ago, OBE said:

 

In 12 weeks, bills went from £87 pm up to £132 pm, something had to give, sorry to see them go...

 

Mine's went from £70pm to £97pm in the spring (which is still my current monthly amount).

Yip I'll be sorry to see them go as well, not least because my bills will obviously increase with another supplier, as I've said before, the cheap energy was good whilst it lasted.

And your right something had to give, because everybody being on the one standard variable tariff, meaning every one of bulb's 1.7m customers were protected by the energy price cap, they simply couldn't pass on the huge increases of the wholesale markets to us, their customers.

 

With this special adminstration, I think it could be many months before anything changes, first thing is the administrators will try and sell the company and failing that then if they have to transfer people to other suppliers, that could take weeks or months just because of the numbers involved, so it could be several weeks if not months before our prices go up, which the more of the winter we can get at current tariff's then the better, for the customers.

[OBE]

10 minutes ago, Jambo-Jimbo said:

 

Mine's went from £70pm to £97pm in the spring (which is still my current monthly amount).

Yip I'll be sorry to see them go as well, not least because my bills will obviously increase with another supplier, as I've said before, the cheap energy was good whilst it lasted.

And your right something had to give, because everybody being on the one standard variable tariff, meaning every one of bulb's 1.7m customers were protected by the energy price cap, they simply couldn't pass on the huge increases of the wholesale markets to us, their customers.

 

With this special adminstration, I think it could be many months before anything changes, first thing is the administrators will try and sell the company and failing that then if they have to transfer people to other suppliers, that could take weeks or months just because of the numbers involved, so it could be several weeks if not months before our prices go up, which the more of the winter we can get at current tariff's then the better, for the customers.

 

£70!...must have better insulation than mine...🔥 3rd floor, 4 storey, South facing with naturists below you... Special admin, hope it lasts through the winter...

[henryheart]

Must say that I'm somewhat envious of these monthly direct debits being quoted. I am with Bulb and pay £141 after it went up from £120 a few months back. I have always faced higher than average Bill's but found Bulb to be a supplier than I could buy into with the single tariff treating everyone the same. I am sorry to see 1,000 or so posibly out of work.

[OBE]

2 minutes ago, henryheart said:

Must say that I'm somewhat envious of these monthly direct debits being quoted. I am with Bulb and pay £141 after it went up from £120 a few months back. I have always faced higher than average Bill's but found Bulb to be a supplier than I could buy into with the single tariff treating everyone the same. I am sorry to see 1,000 or so posibly out of work.

 

Size of gaf, how many external walls, the direction they face, how well they're insulated, oh! and how well the better half can cope with just 21 degrees. A friends gaf, when you walk in, the heat is like a slap in the pus, nae need...he's £185 pm SSE...

[Jambo-Jimbo]

39 minutes ago, OBE said:

 

£70!...must have better insulation than mine...🔥 3rd floor, 4 storey, South facing with naturists below you... Special admin, hope it lasts through the winter...

 

3 bed semi, East, South & S.West facing, can get the sun from sunrise (front of house) right through to sunset (back of house).

 

Even at my current £97pm, is around about £26pm lower than I was paying British Gas 6 years ago when I left them, I dread to think what BG or one of the other 'big' suppliers would be charging now, I'll probably find out, soon enough.  ☹️

 

[Japan Jambo]

Don't think this Bulb special admin will get unpicked easily. Regulators asleep at the wheel, seems to be a theme.

[Jambo-Jimbo]

1 hour ago, Japan Jambo said:

Don't think this Bulb special admin will get unpicked easily. Regulators asleep at the wheel, seems to be a theme.

 

Not sure I'd agree tbh, not in this case.

OFGEM has been in talks with Bulb & the Government for at least the last 6 weeks concerning Bulb's imminent administration, in fact OFGEM hasn't transferred one single person to Bulb from any of the other failed energy suppliers this whole year of 2021, such was the state of Bulb's finances, which have been public knowledge for at least the last 6 months+.  I think everyone knew Bulb was going to fail, it was just a question of when.

 

The special admin process has been around since 2011, just none of the bigger companies have went bust, until now.

It will probably take months to either sell the business or to re-structure it or failing that transfer the customers to other suppliers, which will have to be done bit by bit over several different suppliers, because nobody will be rushing to take on Bulb's 1.7m customer base at the present time, the reason being is that currently every single supplier be that British Gas, Scottish Power or whoever are losing between £400 - £600 per customer yearly because of the price cap, so someone is going to have to have very deep pockets to take 1.7m customers at let's say a £500 loss per customer, that's a lot of money to lose straight away, then on top of that you have to honor people's credit balances, that's a lot of money.

 

[Japan Jambo]

2 hours ago, Jambo-Jimbo said:

 

Not sure I'd agree tbh, not in this case.

OFGEM has been in talks with Bulb & the Government for at least the last 6 weeks concerning Bulb's imminent administration, in fact OFGEM hasn't transferred one single person to Bulb from any of the other failed energy suppliers this whole year of 2021, such was the state of Bulb's finances, which have been public knowledge for at least the last 6 months+.  I think everyone knew Bulb was going to fail, it was just a question of when.

 

The special admin process has been around since 2011, just none of the bigger companies have went bust, until now.

It will probably take months to either sell the business or to re-structure it or failing that transfer the customers to other suppliers, which will have to be done bit by bit over several different suppliers, because nobody will be rushing to take on Bulb's 1.7m customer base at the present time, the reason being is that currently every single supplier be that British Gas, Scottish Power or whoever are losing between £400 - £600 per customer yearly because of the price cap, so someone is going to have to have very deep pockets to take 1.7m customers at let's say a £500 loss per customer, that's a lot of money to lose straight away, then on top of that you have to honor people's credit balances, that's a lot of money.

 

 

Take a look at Bulb's accounts, massive losses year after year absolutely no capital... not a 6 week (or month) thing. They were playing with the houses money - personally feel OFGEM should of been alive to their business model. 

 

Apart from that agree 👍.  

[Armageddon]

On 22/11/2021 at 13:14, OBE said:

 

In 12 weeks, bills went from £87 pm up to £132 pm, something had to give, sorry to see them go...

 

Similar here, I'm £200 in credit, was paying £77 per month, they then fire it up to £98 p/m and recommend that we raise it to £106 p/m 

 

Whatever happened to the Scottish Government Energy Company?  Lets all get aboard with their green energy.

[OBE]

54 minutes ago, Armageddon said:

 

Similar here, I'm £200 in credit, was paying £77 per month, they then fire it up to £98 p/m and recommend that we raise it to £106 p/m 

 

Whatever happened to the Scottish Government Energy Company?  Lets all get aboard with their green energy.

 

Tide, wind & hydro, harness them and our 5.5 mill pop will be nice & toastie...🔥

[Jambo-Jimbo]

1 hour ago, Japan Jambo said:

 

Take a look at Bulb's accounts, massive losses year after year absolutely no capital... not a 6 week (or month) thing. They were playing with the houses money - personally feel OFGEM should of been alive to their business model. 

 

Apart from that agree 👍.  

 

Don't think Bulb have ever made a profit, I'm sure OFGEM would have known that, as Bulb's business model was pretty much the same as most of the companies on the market, everything was alright as long as the wholesale market remained stable and few are going to survive this.

 

[Jambo-Jimbo]

53 minutes ago, OBE said:

 

Tide, wind & hydro, harness them and our 5.5 mill pop will be nice & toastie...🔥

 

Massive cost involved, but also planning permission.

There was a wind farm proposed to be built on one of hills where I live, it got lots of objections, It'll spoil the view was a popular objection.

People are all for going green and having wind farms, just as long as you don't build them where they live, or so it seems.

[Tommy Brown]

Nice of Avro emailing me that my tarriff comes to an end soon and I will be automatically transferred onto their standard tarriff.

[Jambo-Jimbo]

On 16/11/2021 at 16:55, RobboM said:

It's been a couple of months since my energy supplier went bust and British Gas took over my account.
It's now getting to the point of entering meter readings and setting up a direct debit. The estimated readings from old supplier looked reasonable given the record I had at the time so I put in the latest readings.
Direct debit used to be around £150 per month. New direct debit estimated as £3,200 per month.
I was expecting an increase but that's a ****ing sore one! 😂

 

British Gas at it again!

 

One couple who had previously been with Peoples Energy and had been paying £70pm, got changed over to British Gas who quoted them an annual usage of £46k and wanted them to set up a direct debit of £4,600pm.  And they aren't alone either, a pensioner was quoted £22k annually from British Gas.  

https://inews.co.uk/news/british-gas-customers-bill-estimates-switch-energy-supplier-peoples-energy-1317647

 

Of course these are mistakes, but how many more examples are there of these mistakes taken place.

Edited November 25, 2021 by Jambo-Jimbo

[graygo]

On 22/11/2021 at 14:33, henryheart said:

Must say that I'm somewhat envious of these monthly direct debits being quoted. I am with Bulb and pay £141 after it went up from £120 a few months back. I have always faced higher than average Bill's but found Bulb to be a supplier than I could buy into with the single tariff treating everyone the same. I am sorry to see 1,000 or so posibly out of work.

 

I've just moved house and I'm being quoted £265 from Scottish Power who have been supplying the new house, £190 from So Energy who I was with at the old house.

[Japan Jambo]

https://www.proactiveinvestors.co.uk/companies/news/967332/uk-government-confirms-1-7bn-of-funding-to-keep-lights-on-at-bulb-967332.html

 

feels like I've seen this movie before...

[Jambo-Jimbo]

1 hour ago, Japan Jambo said:

https://www.proactiveinvestors.co.uk/companies/news/967332/uk-government-confirms-1-7bn-of-funding-to-keep-lights-on-at-bulb-967332.html

 

feels like I've seen this movie before...

 

Don't see many other alternatives the government have.

 

[Dirty Deeds]

36 minutes ago, Jambo-Jimbo said:

 

Don't see many other alternatives the government have.

 

The option was to remove the price cap in August. 

 

That would have saved suppliers and jobs but was politically unpopular. 

 

Instead we'll all have a whacking great price increase in April next year to pay for the mess.

[Japan Jambo]

53 minutes ago, Jambo-Jimbo said:

 

Don't see many other alternatives the government have.

 

 

agree, but that it's necessary in the first place is down to a failure in regulation and tampering with the market.