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I'm an Economy Energy Customer - What do I need to know?

  • 14 January 2019
  • 131 replies
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To update on what's going on, hopefully you'll now be aware, Economy Energy, has ceased trading and Ofgem (the GB energy regulator) has decided that OVO Energy will be taking over all Economy Energy customers energy supply.

We added lots of useful information to our website to help answers some of the common questions we've already been seeing coming through.

If you have a question about the transition, please check our website here first and if your question is not covered, please post below so that we can have a look and let know what happens next.

Here are a couple of the most common questions we've seen so far:

What's happening with my old contract and rates?
You are being switched to OVO’s standard variable plan, Simpler Energy. You’ll find full details on your energy rates in our welcome pack, which is being sent soon.

How long will the process of switching over to OVO take?
The migration process will take around 21 days for dual fuel accounts. Once your account is set up, you'll receive a welcome letter with everything you need to know about your new account with OVO.

What's happening with my credit balance?
Once your account has been transferred to OVO, we’ll review your credit balance and provide further details. There is another topic here that has a bit more information on this.

What about my Warm Home Discount?
Don’t worry, we’ll be honouring all Warm Home Discount payments to all eligible customers. More details will follow.

Hopefully for most of the customers it will be smooth transition, but there is a lot to do, so please bear with us as we navigate through moving you to OVO Energy.

Updated on 12/07/2019

131 replies

I had smart meters fitted with economy energy will I need to have new meters installed when my account transfers?
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I had smart meters fitted with economy energy will I need to have new meters installed when my account transfers?

Hey Vikki-Emma

Good news, Economy Energy use the same Smart Meters as us, so no need to change them. Once you are on supply with us, we should be able to pick up your Smart connection and your meters will work as normal, so don't worry!

Darran
Can you confirm:

a) by when Economy Energy accounts will be transferred to Ovo (in case someone wants to either switch away or to one of your fixed rate tariffs)? ;and

b) is Ovo also responsible for collecting debit balances with EE (not just repaying accounts that had a positive balance)? If not, who is?
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Hi @gt94sss2

Good questions, I've added the answer to the question about how the long the process to move you from Economy Energy to OVO will take above, as I'm sure that's a question others will have.

In regards to debt balances, all balances are coming across to us. Debt balances accrued after the date you switch to us, will be part of the normal OVO debt process.

Debt from prior to the date you switched to OVO will be reviewed by the administrators for Economy Energy - it’s not the responsibility of OVO, but we’re keeping details of any debt on our records for the moment.

Hope this helps.

Darran
Hi Darran,

Many thanks for your prompt reply - much appreciated.

I assume the migration process timescale is the same if you had a single fuel with Economy Energy.

Also, thanks for the information about pre-existing balances on accounts. We had an outstanding complaint with EE about our debt balance (direct debits not being taken, compensation paid being offset against our payments when they were collected etc.).

Ofgem's guidance states

If you had made a complaint to your old supplier and it had not yet been resolved, you will need to raise the issue again with the new supplier once we have chosen them. This includes, for example, complaints you may have previously made about your account balance.

Is this in fact the case if the administrators will be dealing with pre-transfer balances rather than yourselves?

Finally, a suggestion but you may want to link to your blog entry from https://www.ovoenergy.com/economy-energy in case other ex-EE customers transferring over haven't yet found the forum.

Thanks
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Hi @gt94sss2

The migration process for single fuel should be quicker but as you can appreciate we have a lot of new customers to move over to us, so it may take a little longer than if you were simply switching to us as a new customer 🙂

If you did have a complaint open with Economy, then once you are on supply with us, you will be able to raise a new with us directly if there are still issues with your account that need resolving.

I've linked the website FAQ in the original post, but I will edit the copy to make this clearer, and I have also linked to another topic on credit balances in the original post too, which will give more information on balances in general.

Hope that helps.

Darran
I have been an economy energy customer since Oct 2017 and have NEVER received a bill. I have no idea what my consumption has been or whether I am in credit. How do I find out?
I joined Economy Energy December 2017 and i had already received my discount from my previous supplier, i received a letter from Boost explaining they will be taking over from Economy Energy yesterday. I have not received 2018 discount yet and i was told nothing about having to register for it. The letter from HM Government said it would be sent automatically, i am a pensioner and have C.O.P.D amongst other things. Am i going to receive it ?
Hi I was with Economy Energy for both gas and electricity until 8th January when I switched to a new supplier, they were given meter readings as of 7th January as part of this process. As I do not want 2 direct debits to be taken from my bank account I am going to cancel the Economy Energy direct debit authority, I assume that this is ok.

Also what happens to any debit or credit balance on my EE account as of 7th January and what is the position if I have, lets say, a debit balance on one supply and a credit on the other, are they combined or treated as 2 separate accounts? I should ad that I do not have any final bills so have no idea what the balance is on my account.
I left Economy Energy back in August but am still waiting for my refund. Do I need to do anything or will this be done as you review account. If the latter is the case and of course live accounts will take precedence how long can I expect to wait?
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Hi I was with Economy Energy for both gas and electricity until 8th January when I switched to a new supplier, they were given meter readings as of 7th January as part of this process. As I do not want 2 direct debits to be taken from my bank account I am going to cancel the Economy Energy direct debit authority, I assume that this is ok.

Also what happens to any debit or credit balance on my EE account as of 7th January and what is the position if I have, lets say, a debit balance on one supply and a credit on the other, are they combined or treated as 2 separate accounts? I should ad that I do not have any final bills so have no idea what the balance is on my account.I left Economy Energy back in August but am still waiting for my refund. Do I need to do anything or will this be done as you review account. If the latter is the case and of course live accounts will take precedence how long can I expect to wait?


Hi Jeff, please see this topic for more information on outstanding credit balances.

https://forum.ovoenergy.com/news-and-updates-47/economy-energy-credit-balances-5542

Darran
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I left Economy Energy back in August but am still waiting for my refund. Do I need to do anything or will this be done as you review account. If the latter is the case and of course live accounts will take precedence how long can I expect to wait?


Hi, please see above for what you need to do next.

Thanks

Darran
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Hi Economy Energy customers!

You are being very quick off the mark in using this Forum to present queries!

Please check we haven't already given an answer to a similar question because this Forum is largely populated by volunteers (like me!) and we can't possibly answer each individual query.

Looking through the questions being raised, they divide into two main categories. I will comment on each here.

A. An existing customer of EE:

It may take several weeks to transfer all these accounts across, but you do not need to take any immediate action. There is no possibility of you losing gas or electricity in the meantime.

Whether you are currently paying too much or too little will all get resolved, but it is likely to take longer if you start making changes during this transfer period. It's easier if you keep payments stable. After all... no one from OVO is going to be sending out payment-demand letters in the meantime!


B. Past customers of EE who are owed money:

When a company takes over another, there are rules as to how the pre-existing debt is handled. In this case there is an Administrator appointed, and it is their responsibility to settle those debts according to a priority list. Customer debts are high on this list, as are wages owed to EE's staff. Lowest priority is usually Directors of the failed company.

It is not automatic that OVO acquires EE's debts. However, it makes sense for OVO to collate a record of any debts it is aware of so that the Administrator is able to claim that total as part of the package. I expect that's why @Darran_OVO has asked you to Direct Message him.

Ofgem will check that this is handled correctly. However, they are the Energy Industry Regulator, and individual customers can't claim directly from them.


In all cases, I commend to you the immortal words of Private Jones:
Don't panic !
I have been moved to this company due to the colapse of Economy Energy. I have just downloaded the ovo app via andriod and i can not get past 1st page
Email and password ?
I want to give meter readings online and im not getting very far.
Can someone please help me... I have received an email asking me to take meter readings.. i have been changed to OVO from economy energy... all I can find in my property is the smart meter display unit which is located in my kitchen I am on pay monthly and do not know where my actual smart meter is... am I able to take my reading from the display system? If so HOW??? Please can someone help me? Pic is off my inventory

I have been asked by Ovo to provie opening meater readings. I was with Economy Energy and on a smart meter. In the forum it was mentioned that Ovo use the same smart meters as Economy Energy. In this case why cant Ovo get the readings from the meter?
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Hi I was with Economy Energy for both gas and electricity until 8th January when I switched to a new supplier, they were given meter readings as of 7th January as part of this process. As I do not want 2 direct debits to be taken from my bank account I am going to cancel the Economy Energy direct debit authority, I assume that this is ok.

Also what happens to any debit or credit balance on my EE account as of 7th January and what is the position if I have, lets say, a debit balance on one supply and a credit on the other, are they combined or treated as 2 separate accounts? I should ad that I do not have any final bills so have no idea what the balance is on my account.


Was a response provided as I’m in the same situation?
I was an economy energy customer with a contract with them. I do not wish to use Ovo due to the uncompetitive cost and I do not have a contract with them. How do I move to a new supplier without incurring the high cost of electricity from Ovo while transferring and how do I start the transfer process? Despite emails to the contrary I have received no 'welcome pack', rate advice or paperwork of any sort, leading me to believe it is not in Ovo's interest to act rapidly.
Does anyone else who has been forced to switch from economy energy find OVO energy a complete joke? Can’t register, when you get the app it says your password and email which you submitted to them is wrong. So I can’t even get any info at all. Then when you read the welcome pack( oh please!!) they say they are open til 5pm on Saturday, they are closed at 1pm. Seriously!!!!. This really is the most unprofessional and frankly dire set up I have ever come across. I will be warning anyone to avoid this company.
Have to agree with you Pjb. I also do not want contract with OVO. I have found a cheaper 2year fixed deal with another supplier that has no exit fee, and tariffs are less than OVO.
My December bills from Economy Energy were disastrously wrong. They put me into a debit situation because they used vastly inflated meter readings. I phoned on 16th January and discussed with one of their representatives who made alterations with correct meter readings to put me in a credit situation again. On looking at these bills dated 16/01/19 I think they are still incorrect.
When can this be resolved? My meter readings on 24/01/19 were 3163 for gas and 13228 for electricity.
I applied for a warm home discount under economy energy and was approved. I was then told I was being switched to OVO. How will this affect my warm home discount and will I still receive it?
I was a 'gas only' EE customer but your website says you do not do gas only, any advice for me?
As Economy Energy customers are transferring automatically to OVO for energy supply, will that include automatically transferring those with FITs for generation? If not what do I need to do to transfer my FIT to OVO?
I have the same problem. My smart meters don't actually display any info on them and have been fitted so high up that I need a ladder to access them. I thought the whole idea of smart meters was that we no longer need to read the meter and all of the info is available remotely.

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