Octopus: “Crude ringfencing customers’ credit balances is financially illiterate”

The regulator should resist pressure from companies to adopt ill-considered ideas, the boss of Octopus has said

Ofgem sets out tougher rules for energy suppliers to protect customers

Credit balances are used by some firms like an interest free company credit card, Ofgem’s boss has said

Two business models ‘are to blame for energy firm collapses’

Ofgem-appointed consultants have published findings of a review on the root causes of recent supplier failures

Vast majority of customers demand energy firms protect credit balances

A new survey found that nearly 86% of energy customers want their suppliers to protect their deposits

Ofgem urged to fine firms over ‘unjustified’ charges

The Business Secretary wrote to Ofgem about the “completely unacceptable behaviour” of companies increasing direct debit payments more than is justified

Water firms exiting the market to refund customers

New rules by Ofwat will see retailers return customers’ credit balances in the event of a failure

Ofgem proposes to make suppliers return £1.4bn credit balances to customers

That would result in around £65 per household on average being returned automatically, ensuring consumers paying by fixed direct debit do not overpay for their energy

ScottishPower chosen to take on Yorkshire Energy customers

Around 74,000 domestic customers and a small number of business customers will now move to ScottishPower following a competitive process run by Ofgem

Yorkshire Energy becomes latest supplier to go bust

Ofgem will now choose a new supplier to take on Yorkshire Energy’s 74,000 domestic customers and a small number of business customers

SSE chosen to take on customers as Cardiff Energy Supply goes bust

Customers will continue to receive gas supplies as normal and credit balances will be protected