Toto Energy is an energy supplier that has around 134,000 domestic customers. But, Toto Energy has stopped trading. Under Ofgem’s safety net, customers will continue to obtain energy – while prepayment meters will continue to operate as normal.
The outstanding credit balances of customers will also be safe. Ofgem will now choose a new contractor to take on all customers – with households recommended to continue as normal in the interim.
The energy regulator stated customers should abstain from switching to another energy supplier until a new one has been selected – Ofgem will inform you of this in writing in the coming weeks. However, you should take a meter reading prepared in preparation for when your new supplier reaches you.
This will make the process of shifting over to a new supplier, and paying back any outstanding credit balances, “as even as possible,” Ofgem stated. Once a replacement company has been published, customers will be able to shop around for a better deal from alternative suppliers. If you choose to move, a withdrawal fee won’t be charged for taking your custom somewhere else.
Philippa Pickford, at Ofgem, stated: “Toto Energy customers do not need to care, as, under our safety net, we’ll make sure your energy supplies are safe, and customers’ credit balances are protected.
“Ofgem will now choose a new supplier for you, and while we’re doing this, our advice is to ‘sit tight’ and don’t shift. You can rely on your energy supply as usual. We will update you when we have picked a new supplier, who will then get in touch about your new price.”