PFP Energy ceases trading – here's everything you need to know
PFP Energy, a gas and electricity supplier that has around 80,000 household customers, and small energy supplier MoneyPlus Energy, which has around 9,000 household customers, have today ceased trading. But your energy supply won't be affected. Here's everything you need to know.
Update: 13 September 2021: British Gas has confirmed that as of 11 September it has taken over the supply of gas and electricity to both PFP Energy and MoneyPlus Energy customers and that households have been moved onto British Gas' 'deemed tariff'.
This deemed tariff will cover the period from British Gas' appointment until households have agreed a replacement tariff with British Gas or with another supplier of their choice, or when six months since British Gas was appointed have passed. Deemed tariffs are often the supplier's standard variable tariff (SVT) – we've asked British Gas if that's the case here and we'll update this story when we know more.
But energy regulator Ofgem advises customers not to switch until British Gas has been in touch to let them know their new personalised tariff information. Once it has, you can switch penalty-free.
If you owed PFP or MoneyPlus Energy money, the administrators or British Gas will be in contact to discuss repayment arrangements. If you were in credit, British Gas will honour credit balances.
Customers with PFP Energy or MoneyPlus Energy will be transferred to a new supplier, which is yet to be announced. In the meantime, your supply will continue as normal and energy regulator Ofgem says any credit balances will be protected. The energy regulator adds that it will update its website and social media page with further information in due course.
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.
If you're a PFP Energy or MoneyPlus Energy customer, you will be contacted in the next few weeks by your new supplier
Ofgem's advice to both PFP Energy and MoneyPlus Energy's customers for now is to:
- Don't switch to another supplier until a new one has been appointed. Ofgem says you should wait until you've been contacted by the new supplier in the coming weeks as you could have issues with your switch otherwise, as Avro Energy and Green will be transferring customers on mass.
- Do take a meter reading. It'll be useful to have it ready for when your new supplier contacts you. You should do this whether you're a credit meter or prepayment customer.
- When a new supplier's appointed, you'll likely be moved to a new deal – which may cost more. Ofgem says it's likely your current deal will end and you'll be moved to a special 'deemed' contract (a tariff you won't have chosen). These tend to be pricey, so it's possible your bills will go up.
- Once you've been moved across, check if you can save by switching. You can ask the new supplier to put you on a cheaper tariff, but you can also move away to another provider without being charged any exit fees, so it's best to do a whole-of-market comparison – which you can do on Cheap Energy Club – to ensure you find the best deal for you.
Energy credit is protected even if you left the company recently – so you won't lose any money you're owed
You may be owed money by PFP Energy or MoneyPlus Energy if your account had built up credit. In this scenario, the supplier Ofgem appoints will pay you back any money you're owed – this applies even if you'd already started to switch away before the firms went under. Here, the Ofgem appointed supplier should get in touch to arrange a refund – even for those who won't have been switched to it – but this can take a while.
If you owe money, you will likely still have to pay it. Payments will either go to PFP Energy or MoneyPlus Energy (depending on who you're with), 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.
If you are in the process of switching, your switch will still go through
If you've already started to switch away from either PFP Energy or MoneyPlus 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 your current supplier should be cancelled automatically, but check anyway, and if not, cancel it manually after your switch completes. Any outstanding credit will be paid to you by the supplier Ofgem appoints – see above for more.
If you're in the process of switching to PFP Energy or MoneyPlus Energy, the switch should go through as planned, although you will then be automatically switched to the new supplier Ofgem appoints.
You don't need to cancel your direct debit, but it's fine if you already have
There's no immediate need to cancel your direct debit. Ofgem says your new supplier will contact you soon 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.
What do PFP Energy and MoneyPlus Energy say?
In a statement published on PFP Energy's website, it said that household customers will still be able to access their 'My Account' portal, to view bills, provide meter reads or make payments.
A spokesperson for PFP Energy added: "It is with regret that we must announce that PFP Energy is ceasing to trade. The energy regulator Ofgem has begun the Supplier of Last Resort (SoLR) process, which ensures that customers' energy supply will continue and that any outstanding credit balances are protected."
MoneyPlus Energy says customers can still contact it via its customer services line on 0161 509 4747 or via email at email@example.com.
A MoneyPlus Energy spokesperson added: "MoneyPlus Energy has exited the energy supply market. Ofgem, the energy regulator, is appointing a new supplier and you will be informed who that is shortly. We appreciate that this could be unsettling, however, Ofgem, has in place a safety net which is aimed at helping and protecting customers during this period."
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