Energy Firms Owe £400m

Energy Firms Owe £400m.

The British energy regulator Ofgem has told six of the biggest UK energy suppliers to pay back more than £400m to customers.

The amount owed has been described as “unacceptably large”. The money owed is linked to credit being left on customer and business accounts when they switch suppliers, this has been building for about 6 years.

It’s thought that around 3.5 million domestic and 300,000 business accounts are affected. Ofgem has said that at least £202m is held from former domestic customers and £204m for business customers.

Currently Ofgem is checking if supplier rules on returning money and for those who cannot return money are expecting suppliers to use the money to benefit customers.