The UK’s energy watchdog is urging consumers to reclaim their forgotten funds as £240 million in energy credit sits in closed accounts.
Ofgem and trade association Energy UK say anyone who may be due money should contact their old supplier.
Consumers who have moved home in the last five years may have money left in their accounts, but that cannot be refunded because their contact details have not been updated.
More than 90 per cent of closed account balances are returned automatically, and suppliers will always try and make sure outstanding credit is refunded, according to Energy UK. But data shows that 1.9 million closed accounts have credit in them.
People are being encouraged to check letters and emails for final bills, and contact their supplier or log into old accounts if they think they’re owed money.
Tim Jarvis, Ofgem’s director general for retail, said that “it’s understandable that some things will be missed” when moving house.
“But with almost two million closed accounts currently in credit, the message is clear – if you’ve moved in the last five years, reach out to your old supplier, provide them with the correct information, and you could be due a refund.”
Ed Rees, Energy UK’s head of retail policy, said: “It’s always important to keep your contact details up to date so your supplier can provide support when you need it and so they can also then return unclaimed funds promptly.
“If you’re moving, switching or closing an account, remember to keep your direct debit active until your final bill has been settled to avoid leaving money unclaimed.”
Under Ofgem’s rules, suppliers are required to issue a final bill within six weeks of an account being closed and refund within 10 working days. Delays happen when customer details are missing and a refund cannot be made.
