Our Power, the housing association-backed energy supplier, has ceased to trade. It’s understood Our Power has around 31,000 domestic customers.
Company directors blame volatile energy markets for the firms collapse, which will result in seventy job losses.
In a statement, Our Power directors said: “It is with heartfelt regret that Our Power board of directors has taken the decision to close by taking the company into administration.
“Directors had no choice but to reach this decision as the requirement to bring working capital into the business outpaced our ability to improve revenue collection and raise funds.
“The leadership team and directors have done their utmost to try to find a solution but have been unable to and reluctantly took the decision to close the business.”
Under Ofgem’s safety net, the energy supply of Our Power’s customers will continue and pre payment meters can be topped up as normal. The outstanding credit balances of domestic customers will be protected.
Ofgem will choose a new supplier to take on Our Power’s customers as quickly as possible. This supplier will contact these customers shortly after being appointed.
Ofgem’s advice to Our Power’s customers in the meantime is:
- Do not switch to another energy supplier.
- Take a meter reading ready for when your new supplier contacts you.
This will make the process of transferring customers over to the chosen supplier, and paying back their outstanding credit balances, as smooth as possible.
Philippa Pickford, Ofgem’s director for future retail markets, said: “Our message to energy customers with Our Power is there is no need to worry, as under our safety net we will make sure your energy supplies are secure and your credit balance is protected.”
“Ofgem will now choose a new supplier for you, ensuring you get the best deal possible. Whilst we’re doing this our advice is to ‘sit tight’ and don’t switch. You can rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your new tariff.”
“We have seen a number of supplier failures over the last year and our safety net procedures are working as they should to protect customers.”
Updates are available from our website or through our twitter feed @ofgem.
Customers who have questions should visit the FAQs on our website. Or if they need additional support, call Citizens Advice on 03454 04 05 06 or email them via their webform. Alternatively, get in touch through Ofgem’s facebook or twitter feed @ofgem.
Port of Leith Housing Association has issued this advice to their tenants:
Important notice for Our Power Energy customers
We have been informed that Our Power Energy Supply Ltd has gone into administration. The energy regulator Ofgem will select a new supplier to take over any customer accounts held by Our Power.
If you are a customer of Our Power your energy supply will continue as normal and any credit you have will be transferred to the new supplier. If you have a meter, you should continue to top it up as usual.
You should hear from your new supplier soon.
In the meantime, you can find guidance from the regulator here: https://www.ofgem.gov.uk/…/ofgem-safety-net-if-your-energy-…