UPDATE 7 AUGUST 2019

Eddie Williams, Jon Roden and Stuart Preston were appointed joint administrators of Economy Energy Trading Limited on 14 January 2019.

Please note that we have engaged Allied International Credit (UK) Ltd (“AIC”) as our debt collection agents and they are therefore authorised to contact Economy Energy customers who have unpaid accounts.

A short series of FAQs are below.

What have the administrators been doing since their appointment?

Since the administrators were appointed, the team has 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 has been a complex process which was driven by agreeing customer meter readings with OVO and processing that information through the Economy Energy systems. Despite the difficult circumstances, we felt it was 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.

Whilst the billing process is ongoing, we have now produced a large number of customer bills which we are starting to send out to customers as they are ready.

I am a Pre-Payment customer – what should I do?

All Pre-Payment customers who were supplied by Economy Energy up to 12 January 2019 have been transferred to Boost Power (part of OVO).

For all queries, please contact the Boost Customer Service helpline on 0330 102 7517 (if calling from a Landline) or 0117 332 3728 (if calling from a mobile).

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 have started to send final bills to customers and this will continue over the coming few months.  Bills have been sent to customers from the Economy Energy systems via an email providing access to the Economy Energy My Account portal.

If you have not yet received your bill, please do not attempt to contact Economy Energy or the administrators just yet.  We are working to produce final bills and will share these with customers as they are available, together with contact details for a dedicated customer liaison team, who will assist with resolving customer queries.

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.

I haven’t received my final bill yet, will I receive one 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.

Economy Energy continued to collect my direct debit payments after I transferred to OVO.  What has happened to these?

As agreed between Ofgem, OVO and the administrators, customer direct debits continued to be collected in the administration.  In the background, OVO arranged 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 still on-going 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:

  • If you have a credit owed to you at the date your supply was switched, details will be passed to OVO. You are welcome to contact OVO but they will not be able to confirm your credit balance until your account has been finalised by Economy Energy
  • If you owed a balance at the date your supply was switched from Economy Energy, we will be in touch to confirm how to pay your balance

More information from OVO can be found at the following website, including how to get in touch with them:

https://www.ovoenergy.com/economy-energy

What should I do next?

If you have received your final bill, please make payment of this, so your account can be finalised.  If you have any queries in relation to your final bill, please contact the Customer Liaison Team using the details provided with your final bill.  If you have received a final bill and you believe this has been received in error, or dispute the final bill, please contact the Customer Liaison Team discuss this, to avoid you being chased for outstanding balances.

If you have not yet received your final bill, no further action is required from you at the moment. Please wait for us to get in touch with further details. 

Further Information

Further information can be found by clicking on the following links:

https://www.ofgem.gov.uk/publications-and-updates/economy-energy-customers-your-questions-new-supplier-ovo-energy

https://www.ovoenergy.com/economy-energy

Thank you for your continued patience.

Kind regards

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.