Energy Supplier Goes Bust – More Uncertainty or Opportunity for Small Biz?

Energy Supplier Goes Bust – More Uncertainty or Opportunity for Small Biz?

Last week, it was announced that business energy supplier, Extra Energy had shut up shop for good landing their customers in a state of uncertainty, just before Christmas too – not ideal!

Last week, it was announced that business energy supplier, Extra Energy had shut up shop for good landing their customers in a state of uncertainty, just before Christmas too – not ideal! With Spark Energy bowing out of the domestic market too, times are a little uncertain for smaller energy companies, with rising wholesale costs only adding to the unpredictability.

So, what now?

Well first things first – you need to take a meter reading. This will ensure that any outstanding debt or credit is settled pretty quickly once your new supplier takes the reins.

Speaking of new suppliers, Ofgem’s advice to Extra Energy customers is to sit tight as they are working to appoint anyone affected by the energy company’s closure with a new one. But, you need to know that whatever contract you had in place may no longer stand with a new supplier. You’re likely to be placed on a new contract which may have ‘variable rates’.

Variable rates are generally more expensive than fixed prices. For you, this means that if you do nothing, you’ll pay more for your energy than the price you’d be paying if you had a fixed term contract in place. So, the best solution for you could be to find yourself a fixed deal now – or better still, let us do the groundwork for you.

Just to be totally transparent and set expectation – Extra Energy are renowned for super cheap prices that are unlikely to be matched by an established supplier.

And, whilst we’re all about championing the little guy we’re also about getting what you pay for. Let’s face it, if you pay £200 for a car you can’t expect to be driving around in something that resembles a Ferrari. We know price is important but so are things like making sure you’re on the right deal, getting great customer service and having peace of mind that your contracts are in safe hands. All of which we’re more than happy to help with!

With energy prices expected to rise (even further) during winter, there’s really never been a more pressing time to switch and avoid deemed rates. Our energy experts have predicted a further 20% rise in costs over the coming months, after bills have already soared by almost a third this year. Switching to a fixed rate contact now means you’ll avoid any increases

Fixed tariffs lock in your prices for the lifetime of your contract. So, if you agree to pay a rate for one year, your prices won’t change within that year regardless of whether or not energy costs increase further. Simple really.

If you’re worried about your business energy supply or rising costs, just give us a call or compare prices online now.

Utilitywise

Posted by on Monday, the 26. November at 9.37

Utilitywise has been helping businesses manage their business utilities since 2006. With over 40,000 customers across Europe, we help businesses save time, save effort and save money by reducing their energy and water consumption.