British Gas takes over 90,000 customers of fallen Rebel Energy, marking a significant shift in market dynamics as the energy giant regains its position as the UK’s largest household supplier.
British Gas has been appointed by the industry regulator Ofgem to supply gas and electricity to 84,000 household customers and 6,000 businesses left without an energy supplier after ‘Rebel Energy went bust’.
Ofgem, short for Office of Gas and Electricity Markets, is a UK government agency responsible for regulating the electricity and gas markets.
Established in 2000, it oversees the activities of energy suppliers to ensure fair competition, protect consumers, and promote a stable market.
Ofgem sets rules and guidelines for energy companies, monitors their compliance, and investigates complaints.
Its primary goal is to deliver a 'fairer, more competitive' market for both suppliers and customers.
This move comes less than a week after the company blamed a ‘perfect storm’ of soaring wholesale prices and squeezed customers for its demise.
Rebel Energy’s collapse marks a significant shift in market dynamics, with British Gas seeing off competition from other energy companies to inherit the customer base. The industry report by Cornwall Insight found that Octopus Energy increased its share of the market to 23.7% of households in Great Britain by the end of last year, while British Gas held a 23.1% share of the market.
Dan Bates, the founder of Rebel, announced that it was ‘regrettably’ not able to raise the required capital to secure its future, ultimately leading to the company’s demise. However, with British Gas taking over, customers can expect a smooth transition. Chris O’Shea, the chief executive of British Gas’s parent company Centrica, stated that the switchover will be as smooth as possible and that new customers will benefit from exclusive offers on services like boiler cover, Hive products, and PeakSave.
Tim Jarvis, a director at Ofgem, assured customers that all credit balances remain protected during the switch. There will also be no interruption to their energy supply, and Rebel Energy customers will be placed on a competitive tariff. However, it is advised that they consider what’s right for them once the transfer is complete and face no exit fees if they choose to switch to another supplier.
British Gas has welcomed thousands of new customers, and with this move, the company is poised to regain its position as the UK’s largest household energy supplier. As O’Shea said, ‘We’re a brand trusted by millions, and our new customers will benefit from the range of advantages that come with being a British Gas customer.’
British Gas is a leading energy supplier in the United Kingdom, providing gas and electricity to millions of households.
The company was founded in 1812 as the Warwickshire Coal and Iron Company and has since undergone several mergers and acquisitions.
In 2000, it demerged from Centrica plc and became an independent company.
British Gas is responsible for supplying over 12 million customers with energy across the UK.
- theguardian.com | British Gas to take on 90,000 customers of collapsed Rebel Energy
