Millions of households across the United Kingdom may be sitting on a hidden windfall, with energy regulator Ofgem revealing that around £240 million in unused credit is currently trapped in nearly two million closed energy accounts. The situation has come to light as both Ofgem and trade association Energy UK urge consumers to check whether they are owed refunds, especially if they have moved home or switched suppliers in the last five years.
The scale of the unclaimed funds is staggering. According to Ofgem and multiple energy suppliers, as of October 31, 2025, approximately 1.9 million closed accounts still hold credit balances. Most people may only be owed a few pounds, but in some cases, the amount could exceed £100—a welcome boost for households facing rising energy bills this winter. As Tim Jarvis, Ofgem’s Director General for Retail, put it: “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.” (BBC)
So, why is so much money sitting unclaimed? The answer, it seems, boils down to outdated contact information. When people move home or switch suppliers, they often forget to update their details or leave forwarding addresses. While more than 90% of closed account balances are automatically returned to customers, according to Energy UK, a significant chunk gets left behind simply because suppliers cannot track down the rightful owners. Ed Rees, Energy UK’s Head of Retail Policy, explained: “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.” (Deeside.com)
Ofgem rules are designed to protect consumers and ensure transparency. Suppliers are required to issue a final bill within six weeks of an account being closed and must process any refunds within ten working days after that. However, this process can break down if customer details are missing or outdated. Delays are not uncommon, and Ofgem has acknowledged that missing information is a major obstacle to getting money back into consumers’ pockets. “Suppliers work very hard to return money to people when they close an account – due to the rules Ofgem has put in place, it’s in their interests to do so. However without the right contact details, they’re stuck,” Jarvis noted. (Deeside.com)
For many, the process of reclaiming unclaimed credit is surprisingly straightforward. Consumers are being encouraged to check old emails, letters, or even log into their old online energy accounts to look for final bills or notices of credit. If they think they might be owed money, the advice is to contact their former supplier directly—providing their full name, previous address, and any account details if available. Even if a supplier has merged or rebranded, the new company is legally responsible for honoring old balances. According to BBC, “The advice from Energy UK is to keep your direct debit active until the final bill has been settled. Any leftover credit should automatically be paid to customers.”
Alastair Douglas, CEO at TotallyMoney, offered practical reassurance: “To check, you’ll just need to contact your old supplier with your details and the correct information, and they’ll be able to check your old account—an address should be enough if you don’t have your old bills. And if they do owe you money, they’re required to pay you back—no matter how long ago the account was closed. Although some people might just be owed a few pounds, others could be due more than £100—which could come in useful during the winter months when energy usage and bills are higher.” (The Independent)
Energy UK and Ofgem have both emphasized the importance of keeping direct debits active until all final bills are settled. This simple step can prevent money from being left unclaimed. “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,” said Ed Rees. (Deeside.com)
Suppliers themselves are not standing still. Many are taking additional steps to reduce the amount of unclaimed credit, including improving customer communication, tracing old accounts through credit agencies, and offering easier online refund applications. Ofgem has stated that it wants to ensure every customer receives what they are owed, no matter how small the amount. “There are a range of easy ways to get in touch, including email and webchat, and we’d encourage customers to contact their supplier if they need help or advice,” Rees added. (Deeside.com)
The issue of unclaimed credit comes at a time when energy debt and arrears are also on the rise. Ofgem recently announced that energy debt and arrears in England, Wales, and Scotland soared by £750 million in just a year, reaching a record £4.4 billion by late October 2025. To tackle this mountain of debt, Ofgem has proposed a controversial plan that would see the cost spread across all customers, resulting in higher bills for everyone—a move that has drawn criticism from consumer advocates and politicians alike. Most households already pay an average of £52 a year to deal with historic debt. The chair of the government’s Energy Security and Net Zero Select Committee has argued that “parts of the sector that are making healthy profits” should contribute more towards the debt, rather than passing the burden onto ordinary consumers. (BBC)
For those unsure how to begin the process of checking for unclaimed energy credit, Ofgem and consumer groups have laid out simple steps: review old emails and letters for final bills, log into any still-active online accounts, and contact previous suppliers directly—even if the supplier has changed names or merged. If a supplier is unhelpful or refuses to refund credit believed to be owed, consumers are advised to contact the Energy Ombudsman, who can investigate and, if necessary, order the supplier to return the money. (Sussex Express)
With energy costs rising and millions feeling the pinch, reclaiming even a modest sum could make a real difference. Ofgem’s campaign is a timely reminder: a few minutes spent checking old accounts may be all it takes to recover money that is rightfully yours. And as the sector continues to grapple with record debts and rising bills, every penny counts for UK households.
