As the company Electricity 4 Business is in administration here’s a guide on what their existing customers can do.
The company Electricity 4 Business went into administration way back in October 2008 and although they were simply a broker for the main suppliers some customers may not still be aware of their options. Ofgem revoked their license on 22nd October 2008.
In cases like this, the industry regulator Ofcom makes a decision on what happens when existing contracts expire. These may not be on the most favourable terms and will almost certainly be just on standard contracts without any discounts or negotiations having taken place.
The company is still in administration with their affairs being handled by Price Waterhouse Coopers. If you were a previous electricity 4 business customer and have not reviewed your current energy provider arrangements, then perhaps now is the time.
Your 3 step plan
Here’s a guide on what to do if Ofgem directly placed you with another provider or your E4B negotiated contract is nearing renewal.
Are You Under Contract?
Check to see if you’re still under a contract that electricity 4 business signed you up for. If you are, then check the terms and conditions, together with the contract expiry date. This is almost unlikely as E4B was a retail provider and the company is no longer in existence.
Check Your Terms
If you don’t have an E4B contract, then check to see who your current provider is for your energy provision. Find your current agreement to check the contract terms to see if you can move. Ofgem appointed British Gas is the supplier of last resort. Many companies may now find they have a contract with them.
Out of Contract Changes
If you’re out of contract, or the terms allow you to move, then:
- Make contact with your current supplier to see what terms they can offer your company.
- Check with other suppliers such as British Gas or Npower and the other major energy suppliers with a view to moving to their tariffs.
British Gas the supplier of last resort
Back in October Ofgem appointed British Gas the supplier of last resort for customers who came out of contract. This change meant that the flow of energy was maintained, but some of the pricing may not be favourable to businesses.
Unfortunately, as the switchover was fast, the terms you find you’re on may not be the most competitive in the market. As more than one year has passed since the collapse, if you were put on a 1-year contract then that would have most likely expired.
Shop around and compare prices
So now may be a great time to compare prices for gas and electricity for your business from the main Big Six suppliers. Many of the other independent providers of energy have also collapsed, so our current advice is to go for either British Gas, EDF Energy, Eon, Scottish Power, RWE or Scottish and Southern.
They all want the business customer. Either get an online quote from their website, use a price comparison site or call them up and speak to them about your requirements.