Toto Energy: Thousands left without electricity as company goes bust – are you affected?
Toto Energy, a small energy supplier, has stopped trading, according to the regulator Ofgem. The news affected tens of thousands of customers who currently use the supplier. An Ofgem statement said: “Toto Energy, an energy supplier with around 134,000 domestic customers has ceased to trade.” These customers could be left without gas or electricity – what should you do?
Toto Energy, an energy supplier with around 134,000 domestic customers has ceased to trade.
Around 134,000 households risked being left without gas or electricity following the announcement.
However, those who rely on the supplier for gas and electricity may not feel the immediate effects.
Ofgem revealed they will aim to find a new supplier to take on the customers which means homeowners are unlikely to see their gas or electricity stop.
They said: “Under Ofgem’s safety net, the energy supply of Toto Energy’s customers will continue and prepayment meters can be topped up as normal.
“The outstanding credit balances of customers will be protected.
“Ofgem will choose a new supplier to take on all of Toto Energy’s customers. This supplier will contact these customers shortly after being appointed.”
The regulator urged those who have been affected not to switch to another energy supplier until a new one has been appointed.
They also encouraged homeowners to take a meter reading to ensure they are ready when a new supplier gets in touch.
Those with non-smart prepayment meters should continue to use their top-up devices until they are replaced by the new supplier.
Once a new supplier has been found, affected customers will be able to switch without paying an exit fee.
Although the company has gone bust, those who are signed up will probably not notice their supplier being changed, Natalie Hitchins, Which? head of home products and services, explained.
She said: “While Toto Energy’s customers may naturally be anxious about the company going bust, there is no need to panic as energy supplies will continue as usual while the energy regulator appoints a new provider to take over.
“We’d advise customers to take a meter reading as soon as possible to ensure the transition is as smooth as it can be.
“Once the move to the replacement provider has been completed, we would urge people to compare suppliers to find the best deal available to them for both price and customer service.
“This latest company failure reinforces why Ofgem’s proposals for more rigorous supplier checks are vital.
“They must ensure all suppliers are fit for purpose, and make it is easier to root out those whose standards are slipping, in order to build trust in the industry.”
Source: Read Full Article