Economy Energy is a medium-sized supplier which says it specialises in prepayment meters and pay-as-you-go energy. Is it the best supplier for you?
Economy Energy was set up in 2012 to ‘level the playing field for pre-payment customers’. It doesn’t only supply households with prepayment, though. Economy Energy currently offers several tariffs, including ones specific to prepayment and smart meters. Plus prepayment meter customers can now top up via app, online by text message and phone, as well as at PayPoints. It has grown fast and now supplies more than 250,000 customers. Last year it launched Economy Mobile, which sells pay-as-you-go mobile contracts. Will Economy Energy give you the best energy deal? Use Which? Switch to compare electricity and gas prices to find the best deal for you.
Economy Energy customer score
Economy Energy came 28th out of 31 energy firms rated by 8,761 members of the public in the annual Which? customer survey. Only Extra Energy, Spark Energy and Npower customers rated their suppliers worse. ‘I’ve just changed to Economy Energy from EDF and it’s much cheaper.’
Economy Energy score breakdown
The graphic below shows the breakdown of Economy Energy’s scores from our survey. Scroll down to find out why Economy Energy is being investigation by energy regulator Ofgem. You can find out how Economy Energy compares with other small energy suppliers – as well as the Big Six – see the results of our best and worst energy companies.
Which? verdict on Economy Energy
Economy Energy’s customer score lower than the average (which is 55%) for energy suppliers in England, Scotland and Wales, and it narrowly avoids the bottom three positions in our energy customer satisfaction survey. Customers rated it good value for money. None of the other energy companies ranked in the bottom 10 overall equalled this. ‘The bills are not as much as with other companies.’ Economy Energy customer Customers were less impressed with the accuracy and clarity of its bills, however. ‘I queried the fact that they had taken two sets of payments – now I use less gas, the bills should be less. They have not really resolved this issue.’ Economy Energy customer Economy Energy had one of the lowest rates of resolving complaints in the first half of last year. It solved just 11% of complaints within two days in the first three months of 2017, and a quarter in two days in the next three months. The best companies manage to resolve more than three quarters. Pros: It’s rated good value for money by its customers, and does offer some cheap deals Cons: One of the slowest energy companies to resolve complaints
Economy Energy electricity sources
Economy Energy in the news 2018 May:
Energy regulator Ofgem alleges that Economy Energy, along with E Energy and a consultancy firm, breached competition law. It says the two energy companies agreed not to target each other’s customers through face-to-face sales between ‘at least’ January and September 2016. To do this, they shared customer details via software provided by consultancy firm, Dyball Associates. This ‘prevented, restricted and distorted competition amongst energy suppliers’, Ofgem claims. The Competition Act forbids companies from setting up ‘anti-competitive agreements’. Ofgem’s enforcement decision panel will now examine the case. 2017 April: Economy Energy launched Economy Mobile, a pay-as-you-go mobile business which it says rewards customers with free monthly bundles. It’s available to non-customers, too. March: Economy Energy made PayPoint’s online platform available to customers so they can top-up prepayment meters online, via app, text message or phone call, as well as in local shops. 2016 September: Energy regulator Ofgem begun investigating Economy Energy’s marketing and telesales practices after concerns were raised about how it recruits new customers. This investigation is still ongoing. Don’t pay more than you need to for energy. Which? Switch will show you how much money you can save – compare electricity and gas prices.