Reply To: Economy 7 Energy

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#2363
Michael
Participant

Hi Ian

Like all suppliers eco 7 energy is feeling the effects of an ever increasing wholesale price for energy and the looming price cap, but additionally as a small supplier they may find it harder to pay for energy and hedge their buying as big suppliers do when prices are as high as they are now, but poor financial management is also a factor for smaller suppliers hence the reason we are seeing so many smaller providers going bust, ofgem is proposing to tighten the licensing for new suppliers to ensure they have adequate financial backing and customer service provision(surely this should have always been the case you would have thought but unfortunately it hasn’t been and the likes of Martin Lewis has been flagging thia up for as time, I guess after so many company failures they had to do something)I’m not suggesting either this is the case at eco 7 energy just an observation of the energy market in general. There is an article about outfox the market on utility weeks website, the sister company of eco 7 energy which makes for interesting reading, I’ll leave it to you to make your own conclusions after reading;)

https://utilityweek.co.uk/outfox-the-market-hikes-prices-for-second-time-in-november/