Member Article

‘Big Six’ energy firms to return £153 million in unclaimed credit

Up to three million households could benefit as the ‘Big Six’ energy firms start a campaign to give back £153 million of unclaimed credit on customers accounts.

Launched by the industry body Energy UK, the MyEnergyCredit initiative, is a response to demands from regulator Ofgem in February when it was estimated that up to £400 million was being held by energy firms.

These were mainly held in closed household and business accounts from direct debit payments.

Energy UK’s chief executive Angela Knight said: “We are urging former customers to come forward and make a claim.

“Customers who think they haven’t left a forwarding address or a final meter reading when they moved or switched should contact their old supplier.

“The web site myenergycredit.com will help you do this.

“Inevitably, there will be some former customers who will not be found and so the major suppliers are announcing what will happen to credit balances from now on.

“In future, after two years, the credit balance will be used to help vulnerable customers - and suppliers will make it very clear what is happening.

“By 2018, these new arrangements are expected to add up to around £65m of help to those in difficulties.

“The suppliers will kick start this process now by donating £38m for the first two years combined.”

Ofgem chief executive Dermot Nolan said: “Today’s industry announcement is an encouraging first step by the six largest energy companies to address Ofgem’s call to reunite customers with their cash.

“It is good news for consumers and if you think you could be owed money we recommend that you contact your previous supplier.

“This issue is part of a wider challenge of delivering good customer service that the industry must crack if they are to rebuild customer trust and confidence.

“Failure to deliver on the initiatives announced today could trigger further action by Ofgem, including enforcement.”

This was posted in Bdaily's Members' News section by Clare Burnett .