06.02.06 New Electricty Companies can't Cope with Price Rises
Zest4 Electricity, Utility Link, Eledor, Reepham and the Team Group of Companies have had to pull out of the electricity market as they cannot afford wholesale gas prices (also used to power electricty stations) which continue to rise.
After setting fixed prices to their customers and then being faced with soaring wholesale prices the companies collapsed. Their customers who were expecting guaranteed lower bills will now be facing energy bill increases as Ofgem's policy automatically switches them over to a new supplier - usually one of the six major suppliers.
Although customers are free to switch their supplier at any time, they have no choice with this initial decision of which company they are switched to and it seems that no automatic compensation is available.
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I am disgusted that I was forced to use British Gas as my electricity supplier when Zest4 went into Administration. I received no notification of the supplier change and was offered no choice in the matter because I would most definitely not have chosen British Gas whose tariffs are outrageous unless you commit to a 12 month contract.
Posted by Nicky Francis, 13th June 2006