Tuesday 27th of November 2018 | Posted In: Buy and Sell, Buying energy

Extra Energy becomes the next small supplier to cease trading in a tough market

It’s always sad to see Energy suppliers go under, especially in such a tough climate, and it’s a shame to see that Extra Energy had to cease training on 19 November 2018, leaving its 108,000 customers without a supplier.

If you are an Extra Energy customer you may or may not have heard this news yet and are probably concerned about what this means for you, your energy supply and your contract.  Ofgem, the government regulator for gas and electricity markets, announced on Friday that they have appointed Scottish Power as the supplier to take on all existing Extra Energy customers. Please be assured that your supply will not be cut off.  Unfortunately, this doesn’t mean that Scottish Power will be honoring your current contract rates and you will be transferred onto deemed rates initially, before being offered a new contract by Scottish Power. 

It will take a few weeks for your supply to be transfer to Scottish Power and you will not be able to renegotiate in this time period, however, you can look for new prices so that you are ready when this happens. 

At the NFU Energy Service, we try to recommend tried and trusted energy companies that have a good track record to enable us to put contracts together with the confidence that you will be in safe hands.  Though it is understandable that price is always important, when situations like this arise, it reminds us that it’s always also worth considering the longevity of a supplier if they’re smaller or new to the market.  As a rule of thumb, if a deal sounds ‘too good to be true’ it may well be so it’s important to do your homework and look for reviews before you sign.

If you would like some further advice or help to get the best deal on your new contract, please call the NFU Energy Service free energy helpline on  0370 844 5700.