I agree with Jonnel's comments. Just to add some explanation, small energy companies do not generate their own power (like SP does) they buy power on the wholesale market. Typically they will have contracts for supply this week, next month, in Xmonths time, or next year. There will be a complex package of contracts, if they guess wrong and buy forward at a price that is too high, then they cannot honour their customers' fixed price tariffs and they cannot continue to trade.
Whether there was anything left in the coffers after declaring bankruptcy is what the auditors unravel. Without the Ofgem safety net it is very likely that none of the EE customers would get any money back. SP is not holding onto any money, when it is agreed between the auditors (PWC) and Ofgem, funds will be released to SP who can then begin to feed it out to ex-EE customers.
Nobody is conspiring to steal money and it is not sitting safely in somebody's account earning interest, it will finally be levied by Ofgem on BG, Eon, EDF, SSE, Npower, and other smaller suppliers, and at the end of the chain we consumers will face higher prices because of it.
So, feel happy Ex-EE people, I am paying for your safety net, but you say it is taking too long, you could say thank you.
@Unhappy019 sorry I was wrong to say you gambled and to claim I was paying for you, it will only be a few pence for me and hundreds for you, but you will get your money back. I know we cannot all be experts but a small energy trading company is not as secure as one of the 6. When something is cheap there is always a reason. Having said that, you are right, SP have handled the whole thing badly, I think it has been far beyond their capacity to handle. I hope you get your credit back soon now.
The thing with that Davc is as you say "not as secure" but how would anyone know?
We all know the likes of BG have massive offices, pay millions for advertising on TV and online, sponsor events (I think Eon sponsors Wembley stadium) and have a huge load of staff on their books.
Via comparisson sites, when an unknown brand comes up as cheaper, there's no reason to question it, afterall smaller energy brands lower costs by no TV ad's, smaller offices and maybe it would take an hour to reach them on the phone instead of 10 minutes. All fine.
ExEn's collapse was from what I recall, down to behind the scenes stuff. They couldn't afford to pay their Green tax bill, which was down to a bad business practice, something customers wouldn't have known about and certainly there wasn't any warning in the press or anywhere about small energy companies potentially folding for this reason.
A quick look on the internet shows this
“The list of shame of gas and electricity companies that have collapsed in 2018 includes Spark Energy, Extra Energy, Future Energy, National Gas and Power, Iresa Energy, Gen4U and Usio Energy.”
Same has gone for some holiday companies, airlines, banks, and shops. Price comparison sites say nothing about security. SP obviously have big issues with IT and customer service but hopefully are not going to fail financially. Most of the big 6 have international connections and are in a diversified group. Most of the small energy companies are well run and stable but you have to make up your own mind when choosing.
Watchdog BBC last week 29th June featured a guest with a problem over his EE balance transfer.At the end of the programme we were told that due to Watchdogs approach the matter had now been resolved.If it can be done this quickly why have I been waiting since Nov 2018 for my balance transfer? J chapman