Ofgem appoints Octopus Energy to take on Iresa’s customers

Publication date
31st July 2018
Information types
Policy areas

Ofgem has chosen Octopus Energy Limited to take on supplying the customers of Iresa, which went out of business last week. This follows a competitive process run by Ofgem to get the best deal possible for Iresa’s customers. 

Octopus Energy is offering Iresa’s customers its "Flexible Octopus" tariff, which is one of the most competitive tariffs on the market and the best value deal on offer for them. 

Octopus Energy has a good customer service record, and currently has a star rating of 3.8 out of 5 in Citizens Advice supplier customer service league table and is a Which? Recommended Provider for energy. 

Octopus Energy will honour all outstanding credit balances, including money owed to both current customers and to past customers of Iresa. 

For current customers, any credit on their account can be used to offset future energy use. Octopus Energy will contact past customers directly about their refund.

Our advice to these customers is to sit tight. Customers of Iresa will be contacted by Octopus Energy by August 14 and then around a week later when the switch has been completed.
At that point, if customers wish to change their tariff, they should ask Octopus Energy to switch them to another deal, or shop around. They won’t be charged exit fees.
If they decide to switch supplier before Octopus Energy has completed the transfer, the switch may not proceed or take longer to complete.

Rob Salter-Church, Ofgem’s interim executive director for consumers and competition, said: “We are pleased to secure a deal with Octopus Energy, where Iresa customers will be offered a competitive tariff for their energy. Their credit balances will be honoured and their energy supply will continue as normal.

“Our advice for customers of Iresa is to wait until Octopus Energy contacts you. They will give you more information about the tariff you are on, and about your credit balance if you have one. Then you can shop around for a better deal if you wish to.”

Customers with questions should contact Octopus Energy’s customer service team, on 0808 1781551 or iresa@octopus.energy

More information for Iresa customers can be found on the Ofgem website.

Notes to editors

  1. Current Iresa customers with a credit balance to Iresa will find that money is credited to their new Octopus Energy account. It can be used to offset future energy use. Octopus Energy will honour the credit balances of past Iresa customers. These customers should wait for Octopus Energy to contact them about this. 
  2. Current and former customers who owe money, or are in debit to, Iresa will not owe money to Octopus Energy. Instead, they will be contacted by Iresa’s administrators who will talk to them about repayment arrangements.
  3. Customers with direct debits should not cancel their arrangement. Direct debits will be transferred to Octopus Energy to start taking payments and the supplier will contact you shortly to explain how they will set up your account. 
  4. The cost of protecting customers’ credit balances will be partly met by Octopus Energy, and the rest will be covered by the safety net put in place by Ofgem. This is funded by a levy spread across all energy suppliers. Ofgem’s safety net allows suppliers to recover the cost of credit balances by a levy across all suppliers. 
  5. Octopus Energy was established in 2016 and supplies approximately 250,000 domestic customers.

Further information

For media, contact:

Tim Webb: 0207 901 7179

Media out of hours mobile: 07766 511470 (media calls only)
 

About Ofgem

Ofgem is the independent energy regulator for Great Britain. Its priority is to make a positive difference for consumers by promoting competition in the energy markets and regulating networks.

For facts, figures and information about Ofgem’s work, see Energy facts and figures or visit the Ofgem Data Portal

For energy insights and updates straight to your inbox from Ofgem, please subscribe.

Follow us on Twitter @ofgemLinkedIn and Facebook.