Goto Energy Limited ceases trading

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    Households supplied by Goto Energy will be handed over to a new supplier that has yet to be reported. In the meantime, your supplies will continue as normal and the Energy Regulatory Agency Ofgem says all balances are protected.

    Ofgem will now begin selecting a new supplier for the company’s customers. Once appointed, you will be contacted regarding the transfer of your account and told what happens next. Once your account has been transferred you can switch, although prices are currently at a record high due to unprecedented wholesale costs (the price utilities pay for gas and electricity), switching is unlikely to save you. But you can use our free Cheap Energy Club to check it out.

    The news follows the outage of PFP Energy, MoneyPlus Energy, Utility Point, People’s Energy, Avro Energy, Green Supplier Limited, Igloo Energy, Symbio Energy, Enstroga, Pure Planet, Colorado Energy and Daglias, all of which have ceased trading since launch from September.

    We have an analysis of the new business that customers of failed companies are being taken to in our bankrupt energy company? Comparison between your new deal and the MSE News story – we will update this as soon as we know the new suppliers for those who last went under. A total of around two million households have been affected by delivery failures in the last six weeks, and more are to follow in an extreme time for the energy market.

    Check out our latest weekly email for the Energy Bill Crisis Q&A from MoneySavingExpert.com founder Martin Lewis.

    A new provider will be hired to take over your care – wait until they get in touch with you

    If you are a Goto Energy customer:

    • You can’t save now anyway by switching now – but even if you could, you shouldn’t. While possible, Ofgem says that you should wait to be contacted by the new supplier in the coming weeks, otherwise you could have problems with your switch.
    • Take a meter reading. It is useful to have it ready when your new supplier contacts you. You should do this whether you are a credit meter or a prepay customer.
    • Download your energy bills / screenshot credits. When a company goes bust, websites can go offline. So go to the company’s website or app ASAP and get the information now so you have a record of it.
    • When a new supplier is appointed, you are promoted to a new deal – which will almost certainly cost more. Ofgem says it is likely that your current contract will end and you will be transferred to a special “recognized” contract (a plan that you did not choose). These are usually at the price cap, so your bills are likely to go up. However, there are currently no cheaper offers for new customers, so you will probably not save money by switching.

      While this may be frustrating, remember, if you had never switched, you would have chosen this plan anyway, and at least until now you’ve got a far cheaper plan than available – so overall, you’ve won, not lost.

    The energy loan is protected even if you have recently left the company – so you do not lose any money that is owed to you

    You may be owed money by Goto Energy once your account has accumulated funds. In this scenario, the supplier commissioned by Ofgem will pay you back all the monies owed to you – this also applies if you had already started the change before the company went down. The supplier commissioned by Ofgem should contact this to agree on a refund – even for those who have not switched to it – but this can take a while.

    If you owe money, you probably have to pay it anyway. Payments are made either to the bust supplier, its manager, or to the new supplier. The new supplier will tell you how this works after the takeover.

    If you are in the process of switching, your switch will still take place

    If you have already started moving from Goto Energy, you will continue to move to the new provider you have chosen. You shouldn’t have to do anything. Your direct debit with your current supplier should be automatically canceled, but check anyway and if not, cancel it manually after the switch is complete. All outstanding credits will be paid out to you by the supplier appointed by Ofgem – see above for more.

    If you are in the process of switching to Goto Energy, the switch should go as planned, although you will then be automatically switched to the new supplier that Ofgem will appoint.

    There’s no need to cancel your direct debit, but it’s okay if you’ve already done so

    You don’t have to cancel your direct debit immediately. Ofgem says your new supplier will be in touch shortly to explain how they will charge your account, including any direct debit schemes.

    Ofgem says you can cancel your direct debit before the new provider contacts you if you want. If you’ve already canceled it, there is no need to reactivate it and your new supplier will explain what to do as soon as they get in touch with you.

    What does Ofgem say?

    Neil Lawrence, Director of Retail at Ofgem, said: “I want to reassure affected customers that they don’t have to worry – under our safety net we will make sure that your energy supplies are kept safe and you will get the money you owe will not lose. “



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