Ofgem orders E to stop transfer of former Economy Energy customers

The regulator said Economy Energy agreed the sale of around 30,000 customers to E last month but failed to notify Ofgem about it when the company stopped trading

OVO Energy
OVO Energy to absorb Economy Energy’s customer base

Energy regulator Ofgem has appointed the supplier to take on the failed business’ customers

Going out of business sign
Economy Energy has gone bust

The energy supplier’s collapse leaves 235,000 consumers in a state of limbo until they are appointed to a new provider

Poor customer service survey
Ofgem bans Economy Energy for poor customer service

The firm will not be able to take on new customers until a number of issues have been resolved

Ofgem alleges two energy suppliers breached competition law

It has issued a ‘statement of objections’ to Economy Energy and E (Gas and Electricity) as well as software and consultancy firm Dyball Associates

Ofgem investigates Economy Energy’s sales practices

Ofgem has launched an investigation into Economy Energy Trading Limited’s marketing and telesales practices. It follows concerns about the supplier’s approach to recruiting new customers. Citizens Advice raised concerns in July relating to “a high level of complaints” against Economy Energy. The company supplies gas and electricity to domestic customers mostly on prepayment meters. The […]

UK energy firm fined £250k for mis-selling

A UK energy firm has been told to pay £250,000 for mis-selling contracts and management failings. Economy Energy did not have adequate processes and procedures in place between October 2012 and December 2013, according to Ofgem. The energy supplier mis-sold contracts during the same period and didn’t make clear to customers that they would be signing […]

Economy Energy under investigation

Small supplier Economy Energy is under investigation for the way telesales staff arranged contracts and to check whether if customers were misled. Energy watchdog Ofgem will look at whether Economy Energy complied with its licence conditions when marketing gas and electricity to customers before February 2014. The firm promotes itself as no frills, stating on its website […]

Economy Energy “blocked customers from switching”

Small supplier Economy Energy was rapped over the knuckles by the energy watchdog yesterday after complaints it was blocking customers from switching suppliers. The company supplies gas and electricity to around 50,000 customers, mostly on prepayment or “pay as you go” meters. Ofgem said the decision to hand out an official warning – known as a […]