The company will honour all outstanding credit balances for both current customers, and for past customers of GB Energy Supply who are still owed money.

For current customers any credit on their account will be used to offset future energy use. The appointment of Co-Operative Energy follows a competitive process run by Ofgem to get the best deal possible for GB Energy Supply’s customers. 

Co-operative Energy is offering GB Energy Supply’s customers the same price as they were paying before, both for customers on fixed deals and on standard variable tariffs.

If customers wish to change their tariff, they should ask Co-operative Energy to switch to another deal, or shop around. No exit fees will be charged.

The cost of protecting customers’ balances will be partly met by Co-operative Energy and the rest will be covered by the safety net put in place by Ofgem, which is funded by a levy spread across all energy suppliers. 

Customers of GB Energy Supply will be contacted by Co-operative Energy over the coming days with more information about their tariff and current credit balance.

Co-operative Energy will be supporting GB Energy Supply’s existing customer contact centre. This means that customers can use the same customer contact details as they used with GB Energy Supply.

Ofgem Consumers and Competition senior partner Rachel Fletcher said: “We are very pleased to have been able to secure a deal with Co-operative Energy, where GB Energy Supply customers will be paying the same price for their energy as they were before. Their credit balances will also be honoured.

“Co-operative Energy will be supporting GB Energy Supply’s customer contact centre, making sure that customers have a smooth transition to their new supplier.

“Our advice for customers of GB Energy Supply is to wait until Co-operative Energy contacts you. They will give you more information about the tariff you are on, and about your credit balance.

“Customers with questions should contact the GB Energy Supply customer contact team as normal should they have an enquiry.”

Information for consumers

Co-operative Energy will aim to contact GB Energy Supply’s customers within the coming weeks.

GB Energy Supply customers should contact the GB Energy Supply customer contact team as normal should they have an enquiry. They can be reached on 0800 644 4451.

Ofgem’s safety net allows the appointed supplier to recover the cost of credit balances via a levy across all energy suppliers. We do not think it is likely that suppliers would pass on these costs to customers. While precise figures are not available in this case, if suppliers passed on the cost of credit balances we estimate it would cost less than £1 a customer.

Co-operative Energy is still developing a process for returning credit balances for those customers who have moved away from GB Energy Supply.