Economy Energy
2.3 / 5
Trust Score
1.4
Reviews
3
Social
1
Featured
4.5
Technical
Is economyenergy.co.uk legit?
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- This website has existed for more than 3 years
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- We found several negative reviews about this site
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Reviews Analysis
70
reviews
vs
0
AI declined reviews
0%
NON VALIDATED REVIEWS
Looks like we do not find any mentions for this business (yet)
Based on 70 reviews
Smart.Reviews
2.3
70 reviews
Economyenergy.co.uk Review
At Economy Energy we love low prices for electricity and gas - we know you do too It39s why we keep things simple with four low cost tariffs Value Smart Pay Direct Saver and Evergreen
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Last update: Wed, Mar 9, 2022 1:42 AM
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
Despite leaving them in October 2018 and promises or should i say delaying tactics no refunds appeared
I would have thought they had bigger things on their plate than reporting reviews on this platform
I think the companies reputation cant get any lower than it is
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Account 2055270
Account 2055272
Account 2055273
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
Copy of email received from Economy Energy yesterday 14th January
As of 8th January 2019, Economy Energy has ceased to trade. Ofgem, the energy regulator is appointing a new supplier for its customers.
You do not need to worry, your supplies are secure and credit balances are protected, Ofgem's advice is not to switch, but to sit tight and wait until the new supplier has been appointed. Any positive credit balance that you hold with Economy Energy, even if youa are no longer an Economy Energy customer will be honoured by Ofgem's "Supplier of last resort process"
This will help make sure that the process of handing customers over to the new supplier is as hassle free for customers as possible. If you are owed a refund, payment will be made accordingly once another supplier has been appointed.
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
Economy Energy is being sued by National Grid for £12m over smart meters
Damning document reveals boss failed to disclose links to rival firm
By Simon Neville For The Mail On Sunday
Published: 22:02, 12 January 2019 | Updated: 10:32, 13 January 2019
Collapsed power firm Economy Energy is being sued for millions of pounds by three companies including National Grid, The Mail on Sunday can reveal.
An investigation by this newspaper found that the firm’s boss, Lubna Khilji, 33, was embroiled in a series of disputes before the firm ceased trading last week.
In one case, National Grid claims the company owes it £12million for supplying smart meters.
Investigation: Boss Lubna Khilji has been involved in a web of energy firms
Two other smart meter installation businesses, Access Install and Green Deal Marketing Southern, took Economy Energy to court in 2017 and 2018 over unpaid bills.
The company is understood to be contesting the cases.
Ovo appointed by regulator as new supplier for 235k Economy Energy customers
Renewable power provider Bulb Energy slumps to a £24m defecit.
Quarter of a million customers with Economy Energy told to not change suppliers until everything is tansferred over to OVO.
Small supplier Economy Energy banned from taking on new Customers.
Economy Energy, whose 235,000 customers have now been taken on by Ovo, had made a last-ditch bid to survive last month when it hired City powerhouse KPMG to help raise £5million.
Khilji – who bought her home in Kenilworth, Warwickshire, with £964,000 in cash two years ago, according to Land Registry information – was reported to have offered to put up £5million of her own money as well.
But The Mail on Sunday can reveal that documents given out to potential investors failed to mention the outstanding court cases.
They also claimed that she owned ‘100 per cent’ of the company – a statement backed up by its latest published accounts. However, other records on Companies House suggest that Paul Cooke, who also owns rival firm E Energy jointly with Khilji, was also a shareholder of Economy at that time.
Last night, lawyers for Cooke said Economy’s shares were wholly owned by Khilji when the company collapsed. Companies owned by Cooke, 50, and Khilji have been under investigation since 2016 by the regulator Ofgem for alleged collusion. The pair appear to have spent the past few months altering the ownership structures of a web of energy firms they control.
Over the past year, nine energy suppliers have gone bust
On December 21, Khilji stepped down as a director of three other energy companies, which all have licences to supply gas and electricity to homes.
She was replaced by Cooke. On the same day, ownership of Vavu Power, Albuquerque Energy and Santana Energy transferred from Economy Energy to E Energy.
The registered address also changed from Economy Energy’s office in Coventry, where Khilji was spotted by The Mail on Sunday last week, to E’s Birmingham headquarters. Industry experts said these brands could now be used to attract new customers.
The revelations will heap pressure on regulator Ofgem to tighten up the rules for individuals who try to set up energy firms in Britain.
Over the past year, nine suppliers have gone bust, yet the owners have walked away from any money owed to customers or in taxes. That has left a bill of about £100million for other suppliers.
Last night, one senior industry source said of Economy Energy’s dealings: ‘In all my years in the industry I have never seen anything like this. Economy’s behaviour is outrageous and completely unprecedented. How they got away with this is mind-boggling.’
Signs that Economy Energy, which was launched in 2012 by Khilji, was under strain emerged when it extended its accounting period in November last year.
The fund-raising document, seen by The Mail on Sunday, states that losses had hit £5.7million for the seven months to October.
It also states that the company lost 100,000 customers in 2018. Some consumers have alleged that they have waited months to be repaid the credit they had on their accounts. Citizens Advice said it had received a large number of customer service complaints about Economy Energy.
The KPMG document, named Project Wattley, said: ‘The direct debit market has proved difficult and the inherent billing issues with this customer base have put a recent strain on Economy Energy’s profitability and resource.’
The document failed to disclose that the company owed £15.5 million in unpaid green taxes or Khilji’s shareholding in rival E Energy. It also failed to state how much was owed to customers in credit. Multiple sources said the company still owed millions of pounds to customers when it went bust.
KPMG declined to comment. A source close to the accountancy giant said all the information in the document was provided by Economy Energy and KPMG was not required to check it.
Smart meters order: Court documents allege that Economy failed to pay the £12million bill
The document was understood to be an ‘information memorandum’, which, unlike a prospectus issued on the stock market, is not required to provide full disclosure to potential investors.
The source said the attempts to raise funds were halted before any investors put in money. National Grid, Access Install and Green Deal Marketing Southern declined to comment on the ongoing court cases.
According to court documents for the National Grid case, Economy Energy ordered nearly 300,000 smart meters from the company in 2016 and 2017 for delivery last year.
The paperwork alleges that Economy failed to pay the £12million bill – despite National Grid’s four letters between December 2017 and June 2018 asking for payment.
The case against Economy brought by Green Deal Marketing Southern also lists E (Electricity and Gas) Limited, Paul Cooke and Lubna Khilji as defendants.
Gillian Guy, chief executive of Citizens Advice, said: ‘Economy Energy has been failing its customers for years.
‘We have seen extensive problems with this firm and raised numerous concerns with the regulator... there are still firms operating now that require the regulator’s attention.’
Ofgem launched its first probe into Economy Energy in 2016, accusing it of breaching competition law by agreeing with E Energy to avoid competing for the same pre-payment customers.
Two further investigations into Economy were launched last year into unpaid green taxes and poor customer service. The latter led to Economy being banned from taking on new customers.
Ofgem says it is reviewing its licensing rules for suppliers.
Khilji declined to comment. A lawyer representing Cooke said his client did not have enough time to provide a full response but stressed that Economy’s collapse was due to tough trading conditions and the company seeking to protect its interests in court.
He added that the interests of Economy’s customers were of ‘paramount importance’ to the directors, who will assist administrators and Ofgem.
I personaly experienced atrocious Customer service, inflated readings, never ever recieved any communication from Economy Energy from the first to last day, no emails no statements, no phone calls and I would be sitting for hours waiting for an answer to calls. I ended up cancelling my direct debit as soon as they started taking more than was agreed from the bank, In the end I moved just before they went bust and moved back to British Gas, maybe slightly dearer but at least now I feel at home, and more content.
Never have I ever known such bad Management and customer service from any other company I have dealt with. I the whole time I was with them I never ever recieved a statement, a bill, they just kept hiking up the prices, collecting the direct debits, no emails, no phone calls, and I was locked into a set price contract but again raised prices mid term, really really bad customer relations it was non existant, and I never even recieved the welcome pack when I joined then, I thank god I moved away just before they were declared bankrupt or ceased trading, same thing just different wording. Also Economy Energy have reported this review even though the company no longer exists, either they are trading or they are not. Everything in this post is true direct from the Mail on Sunday newspaper it is fact and therefore within Trust Pilots rules nothing in this post is hearsay it is all fact and the truth. And is totally industry based its about the industry and my experience with them.
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
I sent them actual readings on 6th December which haven't been used to estimate the bill at all. What a bunch of scammers - I can only hope it all gets sorted with Ovo. A learning experience as I would have never thought an energy supplier be able to get away with this.
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
I declined to discuss my supply with him and politely let him know I wasn't interested. Around an hour or so later, he returned and instead of calling at the front door, I watched through the window as he scoured the property looking around the side and into the back garden. When I opened the front door to challenge him, he walked away. Is this normal practice?
Unsurprisingly, I wouldn't consider using this company and declined to do so
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
chased for £500 through collection agency
Bogus high estimates when i drilled in and checked opening balances with OVO etc ! i was paying twice for energy plus charge rates per units changed to a higher amount even though i was on a fixed deal
supplied all info to EE no answers OVO raised a case still nothing next get AIC threatening letters ! Just a joke
EE made up a starting balance on my energy adding on 2100 units of electricity and an estimated end balance that my meter hasn't reached 11 months later
people check the details dont just pay I am actually owed £235 !
so EE were out in there calculations by £735 FRAUD on A MAJOR SCALE
I have emailed threatening legal action if not paid in 7 days :-)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
Today I got a call from Allied International (an American debt collecting outfit) (the number on caller display was 0141 457 7074) about the balance. After some confusion where I thought they were calling me about the refund, they claimed that I owed Economy Energy £129 and when I told them that I didn't said that I had to prove that to them as they didn't have access to the original accounts, and that if I didn't they would just keep calling me. . .
It looks like they have bought the debts from the liquidator and are seeking to browbeat people into payment. However, as it happens I'm a lawyer and look forward to seeing them in court.
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
they charged me 20 pounds for 3 days worth of gas and it was not even on all day
i switched else where and was only charged 5 pounds for 3 days
i phoned up economy energy and told them i been over charged i want a refund they accused my home of being in debt with some one else that is maybe why i was over charged but i said that is not true because only i have lived here and just switched to you guys, they told me they can not do anything and if im not happy then go to another provider
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)
Looks like we do not find any mentions for this business (yet)
Economyenergy.co.uk Review
At Economy Energy we love low prices for electricity and gas - we know you do too It39s why we keep things simple with four low cost tariffs Value Smart Pay Direct Saver and Evergreen
Economyenergy.co.uk Customer Service Contacts
No contact details for this company.
Share the company's rating
Share Preview
Is this your company?
Access SmartReviews free tools for businesses and start getting closer to your customers today!
3 years ago
review by kevin chapman
#delivery(3/5) #price(3/5) #quality(3/5) #customer service(3/5) #on-time(3/5)