UPDATE 2 APRIL 2019
Eddie Williams, Jon Roden and Stuart Preston were appointed joint administrators of Economy Energy Trading Limited on 14 January 2019.
A short series of FAQs are below.
What have the administrators been doing since their appointment?
Since the administrators were appointed, our team have been working very closely with employees at Economy Energy and OVO (the Supplier of Last Resort “SOLR”) to work towards reconciling customer accounts and producing final bills for all customers.
This is a complex and ongoing process and largely depends on agreeing customer meter readings with OVO and processing that information through the Economy Energy systems. Despite the difficult circumstances, we feel it is important that we approach this in an orderly manner and agree the position with OVO so that meter readings for both your old bills and your new bills match, and that you are paying the right amount for your gas and/or electricity both on your final Economy Energy account and going forward with OVO.
As part of the SOLR process OVO took on responsibility for the ongoing supply of your fuel from 12 January 2019.
The billing process has started and we expect it to take a number of months to complete as there are over 120,000 fuel accounts that need to be worked through.
Will I receive communication from the administrators of Economy Energy soon?
We appreciate that it has been some time since the date of administration of Economy Energy and that some customers may be wondering what is happening.
We will start sending final bills to customers shortly which will be sent from the Economy Energy systems.
Please do not attempt to contact Economy Energy or the administrators just yet. We are working to produce the final bills and will communicate contact details for a dedicated customer liaison team in the next few weeks, who will assist with resolving customer queries.
Will I receive a bill from the administrators?
This depends on whether you have paid for all of the gas and/or electricity that you used during the period you were supplied by Economy Energy.
If you have paid more money via your direct debit payments than the amount of gas and/or electricity that you have consumed up to 12 January 2019, then you will have a credit position on your account and all credit amounts owed to you will be repaid by OVO as agreed between Ofgem and OVO in the SOLR process. Once available, a copy of your final bill will be uploaded to My Account via the Economy Energy website where you will be able to view your final bill. This information will also be shared with OVO, once available.
If you have not paid enough money via your direct debit payments for the gas and/or electricity consumed up to 12 January 2019, then we will be in touch to let you know that a payment is due to Economy Energy. Once available, a copy of your final bill will be added to My Account via the Economy Energy website and we will be in touch to advise you on how you can pay any monies owed.
When will I receive a bill?
The process is going to take a number of months to complete but we hope to have some customers’ final bills ready to upload to My Account within the next few weeks.
You will be notified by email once your final bill is ready to view. If we do not hold an email address for you, then you are likely to receive notification by SMS or post. We’ll also help customers on accessing My Account, if this is something they are not too familiar with.
Economy Energy has continued to collect my direct debit payments. What is happening with these?
As agreed between Ofgem, OVO and the administrators, customer direct debits have continued to be collected in the administration. In the background, OVO has been arranging for all direct debits to be switched to OVO and this completed on 18 March 2019.
If you owe money to Economy Energy, then the direct debit payments collected up to 18 March 2019 will be allocated against your debt balance.
If the direct debit payments have increased (or created) a credit balance on your account, then the credit will be added to your new OVO account.
Whilst work is underway to produce final bills, please wait for your bill to be uploaded to your My Account section of the website before contacting OVO for a refund.
What if I left Economy Energy before the SOLR process?
If you have received a final bill and have a credit balance, information about your account has been provided to OVO. You are welcome to contact OVO to discuss a refund of any amounts owed to you.
If you have received a final bill and have a debit balance, we will be in contact with you shortly to confirm how to pay the balance owed.
If you have not yet received a final bill, then once we have produced a final bill, we will notify you that this is available on My Account. In exactly the same way as set out above for ongoing customers, the process would be:
More information from OVO can be found at the following website, including how to get in touch with them:
What should I do next?
No further action is required from you at the moment.
Please wait for us to get in touch with further details. When we send out final bills, we will have a customer telephone number up and running to deal with customer queries.
Further information can be found by clicking on the following links:
Thank you for your continued patience.
For and on behalf of
Economy Energy Trading Limited – in administration
The affairs, business and property of Economy Energy Trading Limited are being managed by Eddie Williams, Jon Roden and Stuart Preston, appointed as joint administrators on 14 January 2019. The joint administrators act as agents of the Company and without personal liability. Eddie Williams and Jon Roden are authorised by the Institute of Chartered Accountants in England and Wales to act as an insolvency practitioners and Stuart Preston is authorised by the Insolvency Practitioners Association to act as insolvency practitioner.