You may have heard that One Select has become the eighth small supplier to go bust this year, following in the less-than-stellar footsteps of Spark Energy, Extra Energy, Future Energy, National Gas and Power, Iresa Energy, Gen4U and Usio Energy.

"Energy suppliers should have to validate the financial health of their business, given that there are wider issues surrounding the obtaining of licences in general. It is only through proper regulation that the industry can prevent further closures." - Read more, here.

I'm not sure, however, that Ofgem is the right body to properly regulate the financial aspect of the market. Small supplier, Electraphase (trading as E-Phase) was pushed to the wall by Ofgem using them in one of their switching experiments. E-Phase is still trading, but is now under administration. They did not have the liquid funds necessary to pay for the energy use of their new customers; customers gifted to them by Ofgem. More on that, here.

There are around 20 energy suppliers that are still not publishing their quarterly complaints-handling statistics, as required by Ofgem. One of them is E-Phase!

As Regulators go, I'm beginning to think that Warren G and Nate Dogg might do better. 

Cheers!


Alan Duval, Co-Founder of Social Consumer

PS Please share this petition with anyone you know that might agree with the sentiment that Ofgem is not doing particularly well at some of the most basic elements of their job... or to anyone who might get a chuckle from that dated hip-hop reference. I'm showing my age or something. Next stop, 2500 signatures!