Energy Firms Return £153m In Unclaimed Credit

The so-called "Big Six" energy companies have launched a campaign to reunite former customers with £153m of unclaimed credit on their accounts.

Up to three million households could benefit from the MyEnergyCredit initiative.

The scheme, launched by the industry body Energy UK, is a response to a demand for action from the regulator Ofgem back in February.

Its estimate then was that up to £400m in closed household and business accounts from direct debit payments was being held by energy firms.

Energy UK said the campaign would encourage customers who have switched suppliers or moved home without leaving a forwarding address to get in touch with their old company if they think they have left money behind.

It also announced changes to help prevent such cash piles building up in future, though it would now impose a two-year deadline for collection of credit, with any funds left behind after that time being donated to help vulnerable customers.

Customers are being urged to claim money left in credit in closed accounts

Energy UK's chief executive Angela Knight said: "We are urging former customers to come forward and make a claim.

"Customers who think they haven't left a forwarding address or a final meter reading when they moved or switched should contact their old supplier.

"The web site myenergycredit.com will help you do this.

"Inevitably, there will be some former customers who will not be found and so the major suppliers are announcing what will happen to credit balances from now on.

"In future, after two years, the credit balance will be used to help vulnerable customers - and suppliers will make it very clear what is happening.

"By 2018, these new arrangements are expected to add up to around £65m of help to those in difficulties.

"The suppliers will kick start this process now by donating £38m for the first two years combined."

Ofgem chief executive Dermot Nolan said: "Today's industry announcement is an encouraging first step by the six largest energy companies to address Ofgem's call to reunite customers with their cash.

"It is good news for consumers and if you think you could be owed money we recommend that you contact your previous supplier.

"This issue is part of a wider challenge of delivering good customer service that the industry must crack if they are to rebuild customer trust and confidence.

"Failure to deliver on the initiatives announced today could trigger further action by Ofgem, including enforcement."

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