The small energy company Iresa has ceased trading. Read on to find out what to do if you’re an Iresa customer.
Energy regulator Ofgem has assured Iresa’s fewer than 100,000 customers that their energy supply will continue as normal and their outstanding credit balances will be protected.
Update 1 August 2018: Which? Recommended Provider Octopus Energy will supply Iresa’s customers, Ofgem announced.
It will honour customers’ outstanding credit balances and contact Iresa customers by 14 August. Read on to find out what this means for you.
In the meantime, Ofgem has told Iresa customers:
- Don’t switch suppliers
- Take a meter reading as soon as possible
- Wait until the Octopus Energy contacts you
Update for Iresa customers: 1 August
Iresa customers will be transferred to Octopus Energy. Ofgem said that it had chosen this challenger energy firm in a ‘competitive process’.
Octopus Energy is currently the only Which? Recommended Provider for Energy. Find out what Octopus Energy’s customers think of it.
If you’re an Iresa customer, you’ll be transferred automatically onto Octopus Energy’s Flexible Octopus tariff. This is a variable deal with no exit fees. If you wish to choose another deal, ask Octopus Energy when it contacts you.
If you’re in credit to Iresa, Octopus Energy will honour your balance. Current customers can use it to pay for future energy use.
If you have switched away from Iresa but it owed you money, Octopus Energy will contact you about a refund.
Octopus Energy aims to contact all customers by 14 August, and then again a week later when the switchover has been completed.
What you need to know if you’re an Iresa customer
Rob Salter-Church, Ofgem’s interim executive director for consumers and markets, said: ‘If you are an Iresa customer, there is no need to worry as we will make sure your energy supplies are secure and your credit balance is protected.
‘Ofgem is working to choose a new supplier as quickly as possible for you. While we’re doing this, our advice is to sit tight and don’t switch.
‘Your energy supply will not be affected and will continue as normal – the thing that will change is that your energy will come from a new supplier.’
To find out more about what Iresa’s customers though of it, see our Iresa review.
Alex Neill, Which? managing director of home products and services, said: ‘Iresa customers will be understandably concerned, but there is no reason to panic. Your energy supply will not be cut off and will continue as normal.
‘We would encourage affected customers to take a meter reading as soon as possible and when the new energy supplier contacts you, ask for the cheapest deal available. Remember, you don’t have to go with this new supplier, so do some research to ensure you’re getting the best possible deal for you.’
If you switch before a new supplier is appointed, you may lose your credit balance.
Find the cheapest energy deal for you. Use Which? Switch, our independent energy website, to compare gas and electricity prices.
Iresa under investigation
Ofgem banned Iresa from taking on new customers in March after customers faced unexpected direct debit increases, one-off payment requests for hundreds of pounds and difficulty contacting the company.
Ofgem gave it three months to improve the service it gave to its customers.
At the same time, there’s another Ofgem investigation going on into whether Iresa broke rules about customer information and customer contact. This is examining issues around treating customers fairly, switching and debt repayments.
We reported on direct debit increase problems faced by Iresa customers back in January, before the investigation began.
I’m an Iresa customer where can I get help?
You can contact Octopus Energy’s customer service team on 0808 1781551 or at email@example.com.