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Energy provider goes BUST

Community Veteran
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Registered: ‎06-11-2007

Energy provider goes BUST

Energy provider company  "IRESA"  goes bust... leaving 100,000 customers "in limbo".... they will continue to get energy supply, until a new supplier is found...

 

https://www.express.co.uk/finance/city/995178/energy-provider-iresa-ceases-trading-ofgem

32 REPLIES 32
Hero
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Re: Energy provider goes BUST

On MSE there was a suggestion that the auditors were in, which wouldn't have been surprising seeing when the accounts were due. BUT worse!

Sole director is a ~40 y o Nigerian.

I'm afraid that I am unable to feel complete sorrow and sympathy for Iresa's customers. As I see it, the prices were too low, and the company under resourced, but many in a sort of greed ploughed in regardless. For them a lesson will be learned. For those on their beam ends I feel differently

 

 

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
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Re: Energy provider goes BUST

@Luzern to a point... I agree with you... however... the "powers that be"  I.E.. Ofgem, should have been more proactive in allowing the "company" to enter the market place...

If you read the news report, you will note that earlier on this year, OFGEM did, indeed, give some warning messages to the "company" about improving its position, and customer service levels, etc... etc..

Not sure if that info was available to customers, or potential customers, at the time though... Maybe something needs to be "looked into" regarding that.... like an official "trustpilot" site run by OFGEM, as to the viability of the companies, and their track record(s) .

Hero
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Re: Energy provider goes BUST

Yes, customers may may not have been aware of "some warning messages to the "company" about improving its position, and customer service levels, etc... etc..", but there is the madia. And there arises another strangeness; for all the social networking et al the under 50 seems to be uninterested. Then, in persons that can produce complicated wordy analyses, P.B.I.G for the ordinary matters of life appears deficient.

" the "powers that be"  I.E.. Ofgem, should have been more proactive in allowing the "company" to enter the market place" and "like an official "trustpilot" site run by OFGEM, as to the viability of the companies, and their track record(s) ."

I feel there would be a lot of noise about stifling competition etc..

 

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
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Re: Energy provider goes BUST


@Luzern wrote:

I feel there would be a lot of noise about stifling competition etc..

 


So what !.... competition is good for customers.... however the quality of that competition would only be improved by the scheme I have suggested... as those who "fall by the wayside" would not be worth considering, unless they improved their status on the listings..

 

As for " the media "... I only found out about it, because I get bored sometimes, and scan the on line papers for "something to do"... I rarely watch the news on tv... do not have the radio on, in the car... so the world goes by me, on it`s own.

If.. I were to decide that I want to shift my monthly payments from one company to another, I would use the internet to try and deduce which was going to be the best for me...  using sites such as go compare and u switch etc. plus checking up on a google search to see what else I can find out about that company.  

While many may not be so diligent,.. there should be some "safeguard" against "rogue traders" in the energy supply market.

Hero
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Re: Energy provider goes BUST


@shutter wrote:

@Luzern wrote:

I feel there would be a lot of noise about stifling competition etc..

 


So what !.... competition is good for customers....

 @shutter I certainly was not disagreeing with you. I am not for stifling competition

As for " the media "... I only found out about it, because I get bored sometimes, and scan the on line papers for "something to do".

But some are so self absorbed, they're completely unaware.

If.. I were to decide that I want to shift my monthly payments from one company to another, I would use the internet to try and deduce which was going to be the best for me...  using sites such as go compare and u switch etc. plus checking up on a google search to see what else I can find out about that company.  

While many may not be so diligent,.. there should be some "safeguard" against "rogue traders" in the energy supply market. I like that bit, but also use things like Companies House info; not that I'm an expert by any means, but that feeling in the water...


 

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
Hero
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Registered: ‎30-07-2008

Re: Energy provider goes BUST


@Luzern wrote:

 

....not that I'm an expert by any means, but that feeling in the water...

 Ah, good old instinct - often pays to heed it.

The older I get, the earlier it gets late.

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Re: Energy provider goes BUST


@shutter wrote:

@Luzern to a point... I agree with you... however... the "powers that be"  I.E.. Ofgem, should have been more proactive in allowing the "company" to enter the market place...

 



 

Ofgem did ban the company from taking on new business some time ago. I discovered this when I was recently looking to switch companies. I eventually switched to BULB - for better or worseWink

.

Hero
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Re: Energy provider goes BUST

@artmo wrote:
I eventually switched to BULB - for better or worseWink

Delighted with Bulb since switching in December. Smiley

 

The older I get, the earlier it gets late.

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Re: Energy provider goes BUST

So, are any of you up for forming a energy company ?.....as it seems anyone can do it.

Wink

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Re: Energy provider goes BUST

Nah.... Sorry,   haven`t got the energy...  but maybe it`s not such a re volt ing idea ! !

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Re: Energy provider goes BUST

@shutter You could generate some interest in it.

 

@gleneagles None of the smaller companies produce their own energy they simply buy it on the wholesale market. That's how this guy got away with it.

.

Hero
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Re: Energy provider goes BUST

It might well be a gas, but it's not in my current plans.

The older I get, the earlier it gets late.

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Hero
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Re: Energy provider goes BUST

@gleneagles is no doubt shocked at your lack of enthusiasm for watt sounds like a good idea giving you amp-le opportunity to get into business.

Hero
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Re: Energy provider goes BUST

My friend is interested, but it could be a passing phase - I'll see what she says when I meter tomorrow.

The older I get, the earlier it gets late.

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