British Gas - Neon Reef and Social Energy
Centrica plc
22 November 2021
British Gas to supply customers of Neon Reef and Social Energy
British Gas will step in to protect the customers of Neon Reef Limited (Neon Reef) and Social Energy Supply Ltd (Social Energy) and will ensure they continue to receive an uninterrupted supply of gas and electricity after the two suppliers ceased trading last week. Neon Reef supplies around 30,000 domestic electricity customers, and Social Energy supplies around 5,500 domestic customers.
This switchover is part of Ofgem's Supplier of Last Resort (SOLR) process. In line with the regulatory framework, it has been agreed with Ofgem that relevant costs, including the costs of buying energy incurred by British Gas that it is not able to recover as a result of taking on the customers, will be recoverable through the established industry levy in a timely manner. British Gas will do everything it can to minimise those costs.
In the coming weeks, we will be in touch with Neon Reef and Social Energy customers on the process of moving over. Customers will need to take a meter reading where possible and provide this to British Gas when prompted to make sure they are billed accurately. We will take care of everything else and will be on hand to help with any questions.
Chris O'Shea, Group Chief Executive, Centrica:
"We welcome customers of Neon Reef and Social Energy to British Gas, and we'll ensure the switchover is as smooth as possible. We're a brand trusted by millions and our new customers will benefit from the range of advantages that come with being a British Gas customer, including access to exclusive offers on services like boiler cover, Hive products and British Gas Rewards.
The actions we have taken over the past couple of years mean Centrica is in a robust financial position, and as a responsible energy supplier built on a sustainable model we are well hedged for the winter. We have now taken on over 500,000 customers of failed suppliers through Ofgem's Supplier of Last Resort process this year and we'll continue to do what we can to help stabilise and support the sector and work as part of wider industry efforts to drive regulatory reforms which are urgently required."
Notes
· Ofgem announced on 16 November 2021 that Neon Reef Limited and Social Energy Supply Ltd had ceased to trade.
· As part of Ofgem's Supplier of Last Resort process, customers will receive an uninterrupted supply of energy and domestic customers' credit balances are protected. Ofgem encourage customers not to switch until they are set up with their new supplier.
· Including Neon Reef and Social Energy, British Gas will have taken on over 500,000 customers of eight failed suppliers through Ofgem's Supplier of Last Resort process in 2021 to date - having already stepped in for customers of Simplicity Energy, PfP Energy, MoneyPlus Energy, People's Energy, Zebra Power Limited and Bluegreen Energy Services Limited.
Media Relations
T: 01784 843000
Investor Relations
T: 01753 494900
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 3 hours ago Johnson Matthey
- 4 hours ago Galliford Try
- 4 hours ago Galliford Try
- 4 hours ago Centrica
- 5 hours ago Smith & Nephew