British households could be sitting on a collective fortune of £240million in forgotten energy credits, according to the energy regulator Ofgem.
The industry regulator has joined forces with industry body Energy UK to alert consumers about these unclaimed funds.
The money remains trapped in approximately 1.9 million closed energy accounts across the country, both organisations claim.
Former customers who switched providers or relocated within the past five years are most likely to have overlooked these credits.
Britons told to ‘reach out to supplier’ as millions could claim £240m in energy bill support
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GETTYDespite this challenge, energy suppliers successfully return more than 90 per cent of closed account credits automatically.
The remaining unclaimed balances accumulate when companies cannot reach customers who have moved without providing forwarding information.
Industry representatives stress that suppliers consistently attempt to return outstanding credits to customers.
However, without accurate contact details, these efforts prove unsuccessful, leaving millions in limbo across nearly two million dormant accounts.
Consumers suspecting they have unclaimed credits should begin by reviewing any final bills received through post or email from previous suppliers.
Those without documentation can directly contact their former energy company or attempt logging into old online accounts.
Tim Jarvis, Ofgem’s director general for retail, said: “Moving house requires a lot of life admin, and it’s understandable that some things will be missed.
“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.”
Energy companies must issue final bills within six weeks of account closure and process refunds within ten working days, according to Ofgem regulations.
However, missing customer information can cause delays in returning funds.
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.”
This latest intervention from Ofgem comes after cross-party group of MPs criticised the regulator’s plans to tackle growing household bill debt as “completely inadequate”.
Earlier this week, the organsiation announced that up to £500million in debt will be paid off through bill increases spread across millions of UK households.
Under its so-called “debt relief scheme” unveiled on Thursday, Ofgem said billpayers will face a £5 hike in their annual energy costs.
The increase will start in the 2027/28 year to help suppliers recover the costs of unpaid bills.