The Big Six energy suppliers have taken up Ofgem’s challenge to refund their customers more than £153m held in closed accounts. Are you owed money by an energy supplier?
If you’ve ever switched energy suppliers you might have suffered the problem of your old energy supplier holding onto credit in your account. Nick told us he’d had this problem earlier in the year:
‘It has taken 13 weeks to get my £450 credit that Npower owed me after switching. I spent over three hours either on hold or talking to customer services.’
Money held in closed energy accounts
The Big Six energy suppliers have now agreed to reunite 3.5 million of customers with the hundreds of millions of pounds held in closed accounts. The suppliers have launched a program to return the money, with a website to help. Oh, and the average credit is around £50.
Dermot Nolan, Ofgem chief executive, says it’s:
‘An encouraging first step by the six largest energy companies to address Ofgem’s call to reunite customers with their cash. It is good news for consumers and if you think you could be owed money we recommend that you contact your previous supplier.’
Reunite customers with their cash
We’re pleased to see money going back to customers, but it’s unacceptable that energy companies have been sitting on so much of it for so long.
To help restore trust in the energy market, suppliers must return your money as soon as possible and be clear about what you need to do when you close your account. Plus, if any money can’t be returned, for whatever reason, we’re calling for energy companies to put it towards helping vulnerable people struggling with their bills.
Has an energy supplier ever owed you money? Was it difficult to get your money back? Are you currently in credit with an energy company and hope you’ll soon be reunited with your cash?