Ofgem says it’s taking action against the firm as a result of declining standards of customer service, complaints procedures and billing and payment processes.
In September, thousands of Economy Energy customers were hit with an astonishing £300+/year price hike, sparking anger among some customers who’d been told their prices were fixed. We’ve since seen reports from ex-customers facing delays receiving refunds for credit balances.
As well as not being able to take on more customers, the ban means the firm won’t be able to raise any more direct debits or request one-off payments from its existing customers.
If it doesn’t make the necessary improvements within three months, Ofgem could extend the ban or ultimately even revoke Economy Energy’s licence.
If you’re unhappy with your energy company’s prices or service, you can do a comparison using our Cheap Energy Club to switch and save.