Yorkshire Energy stops trading – what you need to know
Yorkshire Energy – a small gas and electricity provider that supplies around 74,000 households – has today stopped trading. But your energy supply won't be affected. We round up what you need to know.
Households with Yorkshire Energy will be transferred to a new supplier, which is due to be announced this Saturday (5 December). In the meantime, your supply will continue as normal and energy regulator Ofgem says any credit balances will be protected.
But you shouldn't switch to another energy supplier until a new one has been appointed and has contacted you. Once your new supplier contacts you, you can switch away, so it's worth checking you're on the best possible deal then – use our free Cheap Energy Club to see if you can save £100s.
I'm a Yorkshire Energy customer – what should I do now?
For now, Ofgem's advice is:
- Don't switch to another supplier until a new one has been appointed. You should wait until you've been contacted by the new supplier in the coming weeks.
- Do take a meter reading – it'll be useful to have it ready for when your new supplier contacts you.
What will happen to my tariff when I move to a new supplier?
Once a new supplier's been appointed and it contacts you, your current deal will end and you'll be moved on to a special 'deemed' contract (a tariff you won't have chosen), so your bills may go up as a result.
However, once you've been moved across, you can ask the new supplier to put you on a cheaper tariff, or switch away to another provider. If you do switch, you won't be charged exit fees. Once you're with the new supplier, it's best to do a whole-of-market comparison via Cheap Energy Club to ensure you find the best deal for you.
What happens with money I owe or am owed by Yorkshire Energy?
You may be owed money by Yorkshire Energy if your account had built up credit. In this scenario, the supplier Ofgem appoints will pay you back any money you're owed.
If you owe money, you will likely still have to pay it. Payments will either go to Yorkshire Energy, the administrator or to the new supplier, depending on the deal Ofgem brokers. The new supplier will explain which option is in place once it's taken over.
Should I cancel my direct debit?
There's no immediate need to cancel your direct debit. Ofgem says your new supplier will soon contact you to explain how it will take on your account, including any direct debit arrangements.
Ofgem says you can cancel your direct debit before the new supplier contacts you if you want to though. If you've already cancelled it, there's no need to reinstate it, and your new supplier will explain what to do once it gets in touch with you.
I'm in the process of switching supplier – will my switch go through?
If you've already started to switch away from Yorkshire Energy, you will continue to be moved to the new supplier you have chosen. You should not need to do anything. Your direct debit to Yorkshire Energy should be cancelled automatically, but check anyway, and if not, cancel it manually after your switch completes.
If you're in the process of switching to Yorkshire Energy, the switch should go through as planned, although you will be switched to the supplier Ofgem appoints to take on its customers.
What does Yorkshire Energy say?
Annie Faulder, chief executive of Yorkshire Energy, said: "After two and a half years in operation, we sadly have begun proceedings to cease trading. We have operated since day one with the simple values of transparency and honesty, paying our renewable obligations on time and having customer service that we are proud of.
"Ofgem, the energy regulator, is appointing a new supplier for our customers, which will be announced on Saturday 5 December. We would like to offer our heartfelt thanks to our customers and colleagues for their loyal support over the years."
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