What to do when your business energy contract is ending

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Steps to take when your contract is expiring

If you’re on a fixed-term business energy contract, you can find your Contract End Date in the terms and conditions of your contract - or on a copy of your bill.

When your business energy contract is coming to an end, your supplier will send you a letter detailing their offer of a new deal. If you don’t inform them that you’re either accepting or rejecting this deal - then it’s likely you’ll move onto your existing provider’s expensive out-of-contract rates as soon as your contract expires.

To avoid having to pay more than necessary, it’s important to set aside a few minutes to arrange your next business energy deal when your current contract is due to expire. This means comparing quotes from different suppliers ahead of time so you can find a tailored quote appropriate for the unique needs of your business.

The following is an outline of what to do when your business energy contract is due to expire, and any deadlines you have to be aware of.

Earlier than six months before your contract is due to expire

It’s recommended that you compare business energy quotes up to six months before your fixed term contract is due to expire, so if you’ve got more than half a year left on your existing contract then it’s best to wait until a more appropriate time before comparing prices. This is because there’s no way of terminating a contract early (unless you’re moving to new premises).

Six months before your contract expires

When you have six months or less left on your remaining contract, it’s a good idea to compare prices from different suppliers to find a better deal.

Once you’ve received an offer from a supplier that you’re happy with, you can accept the deal and inform your current supplier of your intention to switch. This switch will take place when your existing deal expires.

Sixty to 120 days before your contract is due to expire

Unless your supplier receives notice from you that you intend to switch to a new supplier, they should send you a Statement of Renewal at least sixty days before your current contract is due to expire.

This is a letter that outlines their offer of a new contract – specifically the charges you’ll pay if you agree to sign up to the deal. You’re not obliged to accept the contract, and it’s recommended that you use the prices your supplier has offered as a reference point to compare business energy rates and get a better deal from another supplier. Once you’ve got an offer you’re happy with, you can sign up to this and notify your existing supplier that you won’t be accepting their offer - but you’ll have to do so at least thirty days before your current contract expires.

If you terminate your contract with your current supplier but do not sign a new agreement – either with your current supplier or a new one – your current supplier will automatically place you on their more expensive out-of-contract rates as soon as your current contract expires. You’ll remain on these rates for at least thirty days, after which you can agree to a new contract either with your current supplier or with a new one at the end of a month-long notice period. If you neglect to agree to a new contract, you will remain on these out-of-contract rates until you do.

After your Contract End Date

Your current supplier may prevent you from switching to a new supplier if you are in arrears with them. You are usually allowed to switch as soon as you have cleared this debt. You can cancel your contract at any time if you’re moving premises, and as long as you have given your supplier sufficient notice (at least fourteen days).

Once your contract expires, you’ll be sent a final bill and you may need to submit a final meter reading so the bill is accurate. Your supplier will let you know the period of time within which you are expected to pay the final bill.

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