Energy Suppliers

Jez

Jez

Jez

Caporegime
Joined
18 Oct 2002
Posts
33,073
Hmm, OFTM site appears to be extremely slow right now, never known it like it. Was hoping to retrieve a latest statement. No idea how healthy they are, perhaps others are all thinking the same.
 

~Mike~

~Mike~

~Mike~

Soldato
Joined
17 Jan 2011
Posts
8,990
Location
the King's city
Article in The Times about Avro Energy (behind paywall so can't read it)

Avro Energy sent money to firms run by owners
The young boss of a collapsed energy company that has left more than 580,000 families fearing higher bills this winter is at the heart of a web of firms that appear to have led to his family earning millions of pounds.
Jake Brown, a 27-year-old former non-league footballer, founded Avro Energy in 2014 while studying law at Birmingham University. The collapse of Avro’s consumer division on Wednesday was the biggest failure of a household supplier. Experts predict that customers could face up to £400 a year more on their bills.

https://www.thetimes.co.uk/article/...=Social&utm_source=Twitter#Echobox=1632466058


From their twitter
  • Jake Brown, a 27-year-old former non-league footballer, founded Avro Energy in 2014 while studying law at Birmingham University The collapse of Avro’s consumer division on Wednesday was the biggest failure yet seen of a household supplier
  • Jake's father Andrew joined the business in 2017 The pair do not appear to have invested any of their own money in the company, which has been financed by the advance fees paid by customers Each owns half the shares in Avro Group, the holding company for a string of businesses
  • Avro Energy expanded rapidly by offering families cheaper electricity and gas. Its turnover soared from £80 million in 2017 to £390 million in the 18 months to June 2019. However, a small profit slumped to a £28 million loss
  • Accounts for associated companies show that Avro Energy provided a £830,000 unsecured, interest-free loan to Berkeley Swiss Limited – a construction company also controlled by Jake Brown and his father
  • Avro Energy also records £2.25 million in management charges for an advertising agency called Sendito Marketing, also owned by the Browns A further £163,656 of loans to the pair are recorded in the most recent accounts
  • One expert said that Avro Energy appeared to have funded its losses by “stretching” the advance payments made by customers
https://twitter.com/thetimes
 

Kautya

Kautya

Kautya

Associate
Joined
7 Jan 2012
Posts
1,550
Location
West Midlands
b0rn2sk8 said:
Not exactly reassuring and is quite a long way from ‘don’t worry we are not going under’.

My speculation reading between the lines they have only got energy locked in so far in advance and it’s a matter of when and not if they go under if prices stay high.
Click to expand...
But their tariff is variable so I guess they could always hike the prices and Ofgem is probably coming under pressure to remove or increase the price cap. So they "could" still continue operating.
 

Uther

Uther

Uther

Soldato
Joined
16 Jun 2005
Posts
24,029
Location
In the middle
Just got a £200 refund from Plus Planet as I left them a few weeks ago. I wonder how they'll do going forward. Lack of choice is never a good thing but it's quite possible we'll be left just with the old 'big 6' over the next few months.
 

b0rn2sk8

b0rn2sk8

b0rn2sk8

Soldato
Joined
9 Mar 2003
Posts
14,235
Kautya said:
But their tariff is variable so I guess they could always hike the prices and Ofgem is probably coming under pressure to remove or increase the price cap. So they "could" still continue operating.
Click to expand...

You can get a fix from bulb I think but the main issue is the cap requiring them to sell at al loss. That’s only sustainable for as long as you have the cash. We know these companies run on really thin margins.

Ofgem/the government have said the cap isn’t going anywhere but I suppose a uturn isn’t out of the ordinary.

The issue is that you remove the cap and you screw your voting base as the biggest proportion of those who don’t switch and are therefore on variable tariffs are likely old pensioners. Or you keep the cap and screw the suppliers, the other option os to give the magic money tree a shake and see what happens but one way or another we will be paying for it.
 

Peerzy

Peerzy

Peerzy

Soldato
Joined
9 Nov 2008
Posts
7,085
So Utility Point have gone under, looks like I had a pretty good deal.

What's the best gas and elec price (per unit) people are getting at the moment? We use a fair bit so not too bothered about the standing charge.

I was on 14.261p for elec and 2.245p for gas but can't seem to get anywhere near that now (21p for elec and 4p for gas seems to be the best)?
 

SPG

SPG

SPG

Soldato
Joined
28 Jul 2010
Posts
10,257
best plan is to stick on variable until this fiasco calms down in 3 to 4 monts.

Its writing letters to MP time and prepare petrol bombs for the incoming winter of unrest.
 

200sols

200sols

200sols

Soldato
Joined
14 Jan 2018
Posts
14,739
Location
Hampshire
Peerzy said:
I was on 14.261p for elec and 2.245p for gas but can't seem to get anywhere near that now (21p for elec and 4p for gas seems to be the best)?
Click to expand...

Yes, you wont find a deal like 14p now and people coming off those long term fix tariffs will be in for a massive shock, you may as well stick with whichever supplier they move you to for the foreseeable as you probably wont find cheaper than the price cap anywhere.
 

Peerzy

Peerzy

Peerzy

Soldato
Joined
9 Nov 2008
Posts
7,085
200sols said:
Yes, you wont find a deal like 14p now and people coming off those long term fix tariffs will be in for a massive shock, you may as well stick with whichever supplier they move you to for the foreseeable as you probably wont find cheaper than the price cap anywhere.
Click to expand...

EDF have been appointed and a Google suggests the SVR tariff is 17.6p for elec and 3.089p for gas which is cheaper than anything else I can find.
 
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