British Gas to supply customers of People's Energy

RNS Number : 2258M

Centrica PLC

20 September 2021

 

20 September 2021

British Gas to supply customers of People's Energy

British Gas has agreed to take on the customers of People's Energy and will ensure that they continue to receive an uninterrupted supply of gas and electricity after the supplier ceased trading on 14 September 2021. People's Energy serves around 350,000 domestic customers and around 500 business customers.

This switchover is part of Ofgem's Supplier of Last Resort (SOLR) process. In line with the regulatory framework for the SOLR process, it has been agreed that all costs incurred by British Gas that it is not able to recover as a result of taking on the customers, including additional costs of buying energy, the refund of credit balances, and other operating costs, will be recoverable through the established industry levy in a timely manner. British Gas will do everything it can to minimise those costs.

Chris O'Shea, Centrica Group Chief Executive:

"We welcome People's Energy customers to British Gas and we'll ensure the switchover is as smooth as possible. We're a brand trusted by millions and we'll be working hard to gain the trust of our new customers too - so that they not only join but choose to stay with us. Benefitting from the range of advantages that come with being a British Gas customer they'll have 100% zero carbon electricity and access to exclusive offers on services like boiler cover, Hive products and British Gas rewards.

The actions we have taken over the past couple of years mean Centrica is in a robust financial position, and, as a responsible energy supplier built on a sustainable model, we are well hedged for the coming winter. We have now taken on the customers of four failed energy suppliers through Ofgem's Supplier of Last Resort process in 2021."

In the coming weeks, we will be in touch with People's Energy customers on the process of moving over. Customers will need to take a meter reading and provide this to British Gas when prompted to make sure they are billed accurately. We will take care of everything else and will be on hand to help with any questions.

ENDS

Enquiries:

Investors and Analysts

T: 01753 494900

E: [e-mail]

Media

T: 01784 843000

E: [e-mail]

NOTES

· As part of Ofgem's Supplier of Last Resort process, domestic customers' credit balances are protected and customers will receive an uninterrupted supply of energy. Ofgem encourage customers not to switch until they are set up with their new supplier.

· People's Energy is the fourth customer base that British Gas has taken on via Ofgem's Supplier of Last Resort process this year, after Simplicity Energy, PfP Energy and MoneyPlus Energy.

 

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