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Economy Energy is a medium-sized supplier that says it specialises in prepayment meters and pay-as-you-go energy. Is it the best supplier for you?
Economy Energy stopped trading on 8 January 2019. Ofgem appointed Ovo Energy to take on its 235,000 customers. If you're a customer, scroll down to find out what you should do and know your rights if your energy firm goes bust.
Just a week before it stopped trading, Economy Energy was banned from taking on any new customers until it resolved customer-service issues.
Economy Energy was set up in 2012 to ‘level the playing field for prepayment customers’. It didn't only supply households with prepayment, though. Economy Energy offered several tariffs, including ones specific to prepayment and smart meters.
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Economy Energy customer score
Economy Energy would have come 29th in our 2019 Which? energy satisfaction customer survey, where firms were rated by 7,429 members of the public. But since it went bust before our results were published, we've removed it from out 2019 rankings.
Only Spark Energy and Solarplicity got lower customer scores.
Economy Energy electricity sources
Economy Energy in the news
Economy Energy stopped trading on 8 January 2018, and it was announced by the regulator Ofgem. And on 11 January, Ofgem said that Ovo Energy would take on its 235,000 customers. Ofgem also banned small supplier E from switching 30,000 of Economy Energy's customers to it, following a sale it failed to disclose to the regulator.
Customers who pay by direct debit will be supplied by Ovo. Customers who are on a pay-as-you-go tariff will be supplied by Ovo's prepayment brand, Boost.
If you are an Economy Energy customer, Ovo or Boost will be in touch for a meter reading. You can either ask to be put on Ovo or Boost's cheapest deal, or use a price-comparison website, such as Which? Switch, to find the best deal for you. You can't be charged exit fees for leaving.
Previously, on 4 January, Economy Energy was banned from taking on new customers for three months by Ofgem. Economy Energy was also forbidden from asking customers for one-off payments and increasing customers’ direct debits.
May:Economy Energy was fined £200,000 by regulator Ofgem for breaking competition law. Ofgem said it had an 'anti-competitive agreement' with E which prevented the two suppliers actively targeting each other's customers through face-to-face sales.
The suppliers shared commercially sensitive information about customer meter points to do this, helped by software firm Dyball Associates.
Economy Energy's fine reflects its financial position, Ofgem said. E faces a £650,000 fine.
Anthony Pygram, director of conduct and enforcement at Ofgem, said: 'E and Economy Energy agreed not to target each other’s customers with the assistance of Dyball Associates, leaving some customers potentially worse off by being unable to access deals from the other supplier.'
November: Economy Energy is being investigated by Ofgem over its failure to make Renewables Obligation payments. Suppliers which don’t source the amount of electricity from renewable sources that Ofgem requires have to pay into a fund. Economy Energy missed the most recent payment deadline of 31 October. If it doesn’t pay, Ofgem can issue a final order to make it pay.
May: Energy regulator Ofgem alleges that Economy Energy, along with E Energy and a consultancy firm, breached competition law.
It says the two energy companies agreed not to target each other’s customers through face-to-face sales between ‘at least’ January and September 2016. To do this, they shared customer details via software provided by consultancy firm, Dyball Associates.
This ‘prevented, restricted and distorted competition amongst energy suppliers’, Ofgem claims.
The Competition Act forbids companies from setting up ‘anti-competitive agreements’. Ofgem’s enforcement decision panel will now examine the case.
April: Economy Energy launched Economy Mobile, a pay-as-you-go mobile business which it says rewards customers with free monthly bundles. It’s available to non-customers, too.
March: Economy Energy made PayPoint’s online platform available to customers so they can top-up prepayment meters online, via app, text message or phone call, as well as in local shops.
September: Energy regulator Ofgem begun investigating Economy Energy’s marketing and telesales practices after concerns were raised about how it recruits new customers. This investigation is still ongoing.
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