top of page

Energy firms sit on £3bn of our credit

Updated: May 20

Millions of householders are being urged to check their energy accounts after it was revealed that providers are sitting on £3billion of customers’ money.22



Research from comparison site Uswitch.com shows the average home is around £210 in credit with their gas and electricity supplier. Uswitch.com is now advising households to consider reclaiming any substantial amounts of credit that is above two months’ worth of payments.


One in seven people (14%) have balances over £300 and 5% have more than £500 with their energy provider – but only 28% of consumers plan to ask for it to be refunded.


Two in five households (44%) say they have more credit sitting in their account than this time last year because their direct debit has been set too high.


Will Owen, energy expert at Uswitch.com, told The Mirror: “Despite the expensive winter for energy bills, more than half of UK households are exiting winter with credit on their accounts. This may be because households were spending more on energy than the previous winter, as they were not benefitting from any government bill support this time around.


“In recent years, when bills have been so high and unpredictable, it has been a good idea to keep a lot of credit with your energy supplier. However, the fall in prices this spring means that consumers with excessive credit may want to consider reclaiming some of it. If you have a high credit balance, you may want to ask your supplier to check that your direct debit is set at the right level for the amount of energy you use.”


NPC fuel poverty coalition partners, Warm This Winter, are offering advice on how to find out if your account is in credit and what you can do about it here: Is your energy supplier holding onto your cash? (warmthiswinter.org.uk)


NPC General Secretary Jan Shortt commented, “Despite the price cap falling, which helps to keep energy bills lower, the overall cost of fuel has never been higher, with millions – particularly older and vulnerable people – still struggling to pay bills. It’s astonishing that energy providers are sitting on so much of our money in this climate.”


Uswitch say that around 16 million households (56%) have credit with their energy supplier at the end of this winter. This is £3.4billion lower than last year, which Uswitch.com says may be due to energy bills being higher than the previous winter when households received the £400 government rebate.


Will Owen at Uswitch.com, added: “Although falling energy bills is good news, they are still high by historic standards and unfortunately the number of people in debt has risen slightly. It remains important that those who do owe money to their suppliers continue to be given the support they need, and we recommend that you contact your provider if you are worried about your energy debt. To ensure you are being billed accurately, make sure you submit regular meter readings to your supplier if you do not have a smart meter.”

212 views

Comments


bottom of page