The Big Six have been asked by Ofgem to return millions to former customers after it was found they were holding £400m in credit from closed accounts. Are you owed money by your previous energy supplier?
The energy regulator found the big suppliers holding at least £202m from around 3.5 million families and £204m from businesses.
This follows commitments from Eon, EDF, British Gas, SSE and Npower to refund credit balances of £5 or more on direct debit accounts to existing customers.
Return your money
Ofgem’s investigations found ‘an unacceptably large amount of money being retained rather than returned to consumers’ and today it called on energy companies to ‘do all they can to return this money and restore consumer trust’.
In response, British Gas, Eon and Npower have each said they do everything they can to refund any money owed to ex-customers. However, they also pointed out that the value of customer debt owed to them outweighs this. For example, British Gas says it was owed £200m by customers at September 2013, compared to the £40m owed to customers.
Full competition enquiry
If it’s true, it’s obviously shocking that the Big Six are sitting on millions of pounds worth of your cash. We’re urging suppliers to return this money as soon as possible and to be clearer on what you need to do when you close accounts.
Today’s news again shows why change in the energy market is urgently needed. Ofgem’s currently investigating the energy market, and we look forward to seeing its final conclusions. However, to really fix the broken energy market, we want a full competition inquiry so that you can be confident that the market works well for you, as well as shareholders.
Are you owed money by an energy supplier? How long have they had a hold of it?
If you think you might be owed money by an energy supplier, contact them directly – here’s our guide with contact numbers for each energy supplier.