Five Questions On: Energy companies owing you money

Is this compensation for all the bad service and misleading pricing?

Sadly, no. Back in February the energy firms were told by the watchdog Ofgem to return money to former customers after its analysis revealed that they hold more than £400m in credit from closed accounts.

Have the companies done so?

No. But they have launched a new website this week, myenergycredit.com, to reunite cash with former customers that was left behind in their account with a supplier when they moved home or switched the supplier. The companies say around £153m has accumulated over the last six years, with the average credit balance being around £50.

Shouldn't they be tracking us down rather than simply setting up a website and hoping we stumble across it?

The website is a start, but not really much of one, reckons Martin Lewis of MoneySavingExpert. He said: "While it's good to see energy firms actually get up off their backsides to try and sort this out, this new website offers nowt new. We've had tens of thousands using our guide to do exactly the same for a long time."

He added. "Until we get to the stage where the site lets you fill in your details, find what you're owed and get it, it's relatively weak."

What should I do if I think I may be owed money?

If you switched away to another energy company or changed tenancy, get in touch with your former supplier. It is helpful if you have a copy of your previous bill to hand, with information on your account details and your former address if applicable. Proof of identify may also be required.

What if I'm just about to switch supplier?

Take a meter reading just before you switch so you have your own record. If you are moving home, make sure you give a forwarding address to the supplier you are leaving.