MARTIN Lewis' MoneySavingExpert has revealed how much you'll pay on your new energy tariff if your previous supplier has gone bust.
Skyrocketing gas prices have meant lights out for vulnerable suppliers and at least six providers have collapsed in the last few weeks.
Post pandemic demand and lack of supply is being blamed for the rise in costs.
These are then passed on to households through rising energy bills as wholesale gas accounts for around half of your energy bill.
But the energy bill price cap, which is set by Ofgem and designed to stop customers being overcharged for their energy, limits how much suppliers can ask for.
But suppliers cannot increase prices for customers who are on fixed rate tariffs, and that is leaving many firms struggling to cope.
Millions of customers have been left in the dark as their energy provider has collapse in recent weeks. Most of these households have now been appointed a new supplier.
But the new provider does not have to honour your old energy deal, and that has left many people unsure how much they might be paying for gas and electricity this winter.
To help, Martin Lewis' MoneySavingExpert has put together a full list of tariffs that customers have been transferred to, with a comparison to what they used to pay too.
The energy price cap is set to rise by £139 a year, from £1,138 to £1,277 on Friday though, so unfortunately for most it means prices are only going up.
Customers of collapsed provider Avro Energy have now been moved to Octopus Energy and will pay up to £397 more for the '"Flexible Octopus" £1,267 tariff, according to MoneySavingExpert.
Green Energy customers have been moved to Shell Energy's "Flexible 6" meaning a maximum £467 hike from their old tariff.
Deals with Green cost between £810 and £1,290 a year, compared to £1,277 for the Shell tariff.
People's Energy customers who may have been on a £920 tariff have now been switched to British Gas's "The People's Tariff" paying up to £357 extra for the new £1,277 a year bill.
Meanwhile, customers of PFP Energy have moved over to the £1,277 British Gas "Price Promise Apr 2022" tariff, which is a £447 hike from the minimum tariff they may have been paying at £830.
Elsewhere, Utility Point customers have been moved to EDF Energy "Welcome" at £1,277 a year, upping their bills by as much as £447.
For some households, the new tariffs work out okay and may even be a saving on their previous suppliers' offers. However, with the price cap rise just days away there is little that people can do to avoid price hikes.
You can use tools like the MoneySavingExpert Cheap Energy Club to find out exactly how much more you'll be paying – just pop in your old tariff and the new supplier you've been dealt to get a better picture.
What happens if my energy provider goes bust?
If your supplier folds, your energy won't be cut off, so there's no need to panic.
Ofgem will arrange an interim supplier so you won't have to go without.
Guy Anker, deputy editor of MoneySavingExpert, said: “For any firm going bust – the actions are simple. Do nothing, don’t panic and you’ll be transferred to another supplier.
"You will probably lose the cheap deal you’re on, but only once you know the supplier will you be able to assess the cost.
"You won’t lose your supply and your credit will be protected.”
Customers affected will be contacted by the new supplier, which will be chosen by Ofgem.
Many affected by the recent collapses will already know their new tariff now.
After the fall of People's Energy, for example, Ofgem appointed British Gas to take on supplying the provider's 350,000 customers.
But you should keep in mind that the new firm won't have to honour the deal you were on with your previous provider, although any credit on your account will be protected and you won't lose what you had.
Charities also recommend keeping old energy bills and waiting until your new supplier is appointed before cancelling any direct debits too.
Should I be looking to switch?
Being lumped with a new tariff that you didn't choose may be frustrating for some people, but you are under no obligation to stay with what Ofgem gives you.
However, Martin Lewis points out that there are no cheap deals on the market right now, as many providers have withdraw their best rates.
Recently, comparison giant Compare the Market even had to remove its switching service tool as it felt it couldn't provide customers with enough quality choice tariffs to decide between.
In the latest MoneySavingExpert newsletter, he explained how the new price cap is now the cheapest and "cheaper than the cost price of energy".
That's not to say you can't shop around, but if your supplier has collapsed you should only do this once a new provider has been appointed to you.
There won't be any exit fees in this instance, so you can switch without penalty if you do find something better.
It's also not been ruled out that the price cap will rise substantially in six months' time when it is next reviewed, so make sure to check if you can save by switching before then.
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