Energy suppliers are holding on to more than £3billion of customers’ cash, according to regulator Ofgem.
British Gas, EDF, EON, Ovo, Octopus customers sitting on ‘hidden’ £212
Millions of households are sitting on a hidden £212 hot weather cash windfall. Energy suppliers are holding on to more than £3billion of customers’ cash, according to regulator Ofgem.
It works out at an average credit balance of £212 per household for the roughly 17 million homes that pay their energy by fixed direct debit – up from £206 the same time last year.
Ben Gallizzi, energy expert at Uswitch, said: “More than half of UK households are coming out of the coldest time of year with credit in their energy accounts.
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“At this time of year households should generally have used up most of their credit over the colder winter months. However, it is advisable to keep about two months’ worth of payments in energy credit to cover higher winter bills ahead.
“With energy prices rising in July, households with more than two months of energy credit could consider leaving some of it with their supplier to take some of the sting out of winter bills later this year.”
With British Gas, if you’re in credit at the end of your ‘plan year’, it’ll reduce your Direct Debit. You can ask for a credit refund at any time; it is not automatic.
If you’re in credit at your account review with EDF, it will be used to reduce your Direct Debit. You can request a refund but you must give an up-to-date meter reading.
If you have built up a significant credit balance, EDF may proactively contact you to suggest you request a refund.
With OVO, you can request a refund if you have more than one month’s Direct Debit as credit in your account. You’ll need to have submitted a meter reading within the last 28 days.
With Octopus, you can request a refund at any time, but you need to give a meter reading and have been billed in the last 14 days, so it can check the refund won’t leave you likely to get into significant debt on your account.