Is Fuse Energy a legitimate energy supplier?

Yes. Fuse Energy is fully Ofgem-licensed and has been operating since July 2023. It is backed by over $158 million in venture capital from investors including Balderton Capital, Lowercarbon Capital, and Accel, and reached a $5 billion valuation in 2025 with over 200,000 customers and a 4.7 out of 5 rating on Trustpilot.

What happened to small UK energy suppliers in 2021?

28 small suppliers collapsed in 2021 as wholesale gas prices rose 250%, displacing 4.2 million customers at an estimated £2.7 billion cost to taxpayers. Many failed suppliers like Avro Energy had no hedging strategy and minimal capital reserves, leaving customers stranded and bills unpaid.

Why can Fuse Energy offer cheaper energy rates?

Fuse Energy operates at 30-40% lower costs than traditional suppliers by being entirely digital with no physical branches. They also run their own trading desk for sophisticated gas and electricity hedging, hold over $158 million in capital reserves, and have achieved scale economies with 200,000+ customers.

What are the pros and cons of Fuse Energy?

Pros include competitive pricing, an excellent app, 24/7 live chat with real humans, no estimated bills, and fast switching with a 4.7 out of 5 Trustpilot score. Cons include no phone support, direct debit only (no prepayment), a currently £100 exit fee for dual fuel, and a limited two-and-a-half-year track record - though Fuse has so far held its pricing through the 2026 Iran/Hormuz wholesale gas shock, a partial test of its hedging.

Fuse Energy is fully Ofgem-licensed and regulated like any other UK supplier. Customer credit balances are protected by the Ofgem Supplier of Last Resort scheme, so if Fuse failed your credit would be ringfenced and your supply transferred automatically. Fuse also holds capital reserves above regulatory minimums and is backed by $158m+ in venture capital.

How does Fuse Energy compare to Octopus?

Both Fuse Energy and Octopus are tech-led with strong apps. Octopus is larger and offers phone support, prepayment meters, and time of use tariffs like Agile and Cosy for electric vehicles. Fuse is typically cheaper on standard fixed dual-fuel and has a slicker app, but a narrower tariff range and no phone line. If you want the cheapest fixed deal Fuse usually wins; if you want phone support or EV-specific tariffs Octopus wins.

How does Fuse Energy compare to British Gas?

Fuse Energy vs British Gas is mostly a price story. Fuse's fixed tariff is typically £100-£150 per year cheaper for a typical household. British Gas has decades of brand recognition, a national engineer network, and phone support, which matters for households that want the option. Fuse has none of that scaffolding but you save money on bills every month.

Does Fuse Energy support smart meters?

Yes. Fuse Energy installs smart meters free of charge and reads smart meter data in near real time, with half-hourly consumption breakdowns for both gas and electricity in the app. SMETS2 meters are picked up automatically. SMETS1 meters are usually supported once they are upgraded over the air.

Is Fuse Energy the cheapest energy supplier in the UK?

It is consistently among the cheapest. Whether Fuse Energy is the single cheapest energy supplier UK-wide on any given day depends on region and tariff release timing - E.ON Next Pledge and occasional Octopus trackers can match or beat it. If you compare energy prices and a Fuse fixed tariff appears in the top three, locking it in for 12 months tends to be the lowest-risk way to save money over the year.

What is Fuse Energy's exit fee?

Fuse Energy's exit fee is currently £50 per fuel, so £100 for dual fuel. The exit fee falls away in the final 49 days of the contract, so within that window there is no charge. For most households, the savings on the fixed tariff cover the exit fee within 12-15 months. Always confirm the current exit fee before signing up - tariff terms can change.

Fuse Energy Review 2026: The Fintech-Built UK Supplier

Q: Should I switch to Fuse Energy?

Fuse Energy is worth considering if you are currently on a Standard Variable (Default) Tariff, comfortable managing your account through an app, and willing to monitor your supplier's performance. It is less suitable if you need phone support, use a prepayment meter, are already on a competitive fixed deal, or are very risk-averse about switching to a newer supplier.

Q: Is Fuse Energy any good?

Yes on the metrics most UK households care about. Fuse Energy's prices are consistently among the cheapest fixed tariffs available, the app is the strongest in the UK market, and customer service runs on 24/7 human support via live chat with a 4.7/5 Trustpilot score. The trade-offs are no phone support and no prepayment meter option.

Q: Is Fuse Energy reliable?

So far yes. Fuse Energy has held its prices and service quality through the 2026 Middle East wholesale gas shock, which is the first real test of its hedging book. Outage and billing complaint volumes are below the major-supplier average, though a sustained 2021-style crisis has not happened on Fuse's watch yet.

Q: Can Fuse Energy go bust?

Any energy company can in theory go bust. Fuse Energy is in a much stronger position than the suppliers that collapsed in 2021-22: vertically integrated with its own trading desk and renewable generation, $158m+ in capital, and cash flow positive. If the worst happened, the Ofgem Supplier of Last Resort scheme would protect customer balances and move you to a new supplier without interrupting supply.

Q: Who owns Fuse Energy?

Fuse Energy was founded by Alan Chang and Charles Orr, both former Revolut executives. Alan Chang was Revolut's chief revenue officer before launching Fuse. The company is privately held, majority-owned by founders and employees, with the rest split across investors including Balderton Capital, Lowercarbon Capital, Accel, Lakestar, Ribbit Capital, and Nik Storonsky's QuantumLight. The most recent Series B priced Fuse Energy at a $5 billion valuation.

From SwitchInsights - part of SwitchPilot

Fuse Energy UK launched in July 2023 as the first new UK energy supplier since the 2021-22 crisis (29 suppliers gone, 4.2 million customers displaced).

Co-founders Alan Chang (ex-Revolut CRO) and Charles Orr are fintech operators, not energy lifers. Fuse Energy funding stands at $158m+ from Balderton, Lowercarbon, Accel, Lakestar, Ribbit, and Storonsky's QuantumLight - taking the Fuse Energy valuation to $5bn by year three.

...

Annual savings vs Q2 2026 price cap

Based on typical household usage (2,700 kWh elec, 11,500 kWh gas)

If you fix now and Q3 lands at the £1,837 forecast, that saving rises to .../year.

Check the savings for your usage and postcode →

By early 2026, Fuse serves 200,000+ UK households at $400m ARR (up 8x), cash flow positive. This Fuse Energy review asks: is the business model truly different from 2021's failures, and is the deal actually better?

📚 Quick context: the 2021 supplier collapses

The supplier failures happened in autumn 2021, before Russia invaded Ukraine. Wholesale gas prices climbed roughly 250% through 2021 on the back of low European storage and a tight global gas market, and that exposed which UK suppliers were just thin middlemen with no hedging book and minimal capital. 29 suppliers collapsed (including Bulb, with 1.6m customers, in November 2021). The Ukraine invasion in February 2022 then pushed bills to record highs - the consumer-bill crisis people remember from 2022-23 - but most of the supplier failures had already happened.

In the two years after the crisis, very few competitive fixed deals were available, prices stayed high, and no new suppliers entered the UK market. Fuse Energy was the first.

29 Suppliers Collapsed

4.2M Customers Displaced

250% Wholesale Price Surge

£2.7B Cost to Billpayers

Enter Fuse: The Fintech Playbook Applied to Energy

So when Fuse's founders argue the 2021 collapses weren't inevitable - they came from thin operations and weak hedging - the pitch is: build a well-funded, vertically integrated supplier and you can deliver lower prices with a better product.

September 2022

$78m seed round led by Balderton Capital and Lakestar

July 2023

Launch as first new supplier post-crisis, first to market after 28 collapsed

September 2024

$12m strategic round led by Multicoin Capital

July 2025

Unicorn status at £750m+ valuation, enters domestic gas market, hits $90m ARR

December 2025

$70m Series B at $5bn valuation, $400m ARR, 200,000+ customers, cash flow positive

That's the model. Fuse runs its own trading desk, hedges seriously, and holds capital reserves above the regulatory minimum. The 140+ team includes engineers from Meta, SpaceX, Tesla, Citadel, and Jump Trading. Fuse owns a wind farm and solar sites, runs its own trading platform, and is building consumer hardware.

Diagram comparing Fuse Energy's vertically integrated stack (generation, trading, supply, hardware) with the thin supply-only model used by UK suppliers that collapsed in 2021 — Fuse Energy's vertically integrated model vs the thin supply-only outfits that collapsed in 2021.

Fuse Energy tariffs and prices: how competitive?

Fuse Energy prices are where the company stakes its claim. Thanks to Ofgem's ban on acquisition tariffs, any cheap Fuse deal is open to existing customers too. Here is how Fuse Energy fixed tariff rates compare across UK regions:

Region	Fuse Elec (p/kWh)	OVO Elec (p/kWh)	British Gas Elec (p/kWh)	Fuse Gas (p/kWh)
Loading tariff data...

Indicative rates for comparison. Tariffs update regularly - always verify current pricing before switching.

📊 Annual Cost Comparison: Typical Household

Based on Ofgem typical consumption: 2,700 kWh electricity, 11,500 kWh gas. Cheapest fixed tariff per supplier, averaged across UK regions.

✅ The Verdict: Genuinely Competitive

For a typical dual-fuel household:

Price cap cost: ~£1,641/year
Next cheapest fixed: ~£.../year
Fuse Fixed: ~£.../year
Annual savings vs Q2 cap (£1,641): £...
Projected savings vs Q3 forecast (£1,837): £...

The currently £100 dual-fuel exit fee means you need to stay ~12-15 months to see the full saving - standard for fixed tariffs.

Fuse Energy customer service and app review

✓ What Works Well

Competitive pricing
Strong app with real-time usage
24/7 chat with real humans, weekends included
No estimated bills - pay actual usage
Free smart meter, fast switching
4.7/5 Trustpilot (3,400+ reviews)

✗ Limitations

No phone support (chat/email only)
Direct debit only, variable monthly amount
£100 exit fee (dual fuel, currently)
~2.5 years trading; sustained crisis untested

Biggest complaints: no emergency phone line and the variable monthly direct debit (Fuse says fixed DD is coming). See our guide to UK supplier complaints records for context.

The Warning Signs to Watch

⚠️ What to Keep an Eye On

The next big wholesale price shock. Fuse held pricing through the 2026 Iran/Hormuz spike, which was a partial test of the hedging book. A sustained 2021-style crisis is the deeper test still to come, and that's the one to watch for any newer supplier - Fuse included.

Should I switch to Fuse Energy?

Fuse delivers real savings and a strong digital experience. It held its pricing through the 2026 Middle East gas shock. The deeper test - a 2021-style crisis - hasn't happened yet.

📋 Consider Switching If:

You're happy with app-based service
You're on a default tariff at or above the price cap
You want real-time visibility of usage and spending
You're willing to switch again if warning signs emerge

🎯 Our Verdict

Fuse is the best-funded challenger supplier built so far - £.../year saved, 4.7/5 Trustpilot, $158m+ in VC runway.

On a default tariff and happy with an app-first supplier? Fuse is worth serious consideration. Pricing holds across regions and the model is genuinely different from the 2021 failures. Fuse passed the 2026 gas shock; a sustained 2021-style crisis is still to come.

Frequently Asked Questions About Fuse Energy

Is Fuse Energy any good?

Yes on most measures. The Fuse Energy cheapest tariff sits among the cheapest UK fixed deals, the app is the strongest in the market, and Fuse Energy Trustpilot reviews are 4.7/5 from 3,400+ entries. Trade-offs: no phone support, no prepayment meter.

Is Fuse Energy safe?

Yes. Fuse is fully Ofgem-licensed and holds capital reserves above regulatory minimums. If any supplier fails, the Supplier of Last Resort scheme ringfences your credit and transfers supply automatically.

Is Fuse Energy reliable?

So far, yes. Fuse held prices and service through the 2026 Middle East gas shock - its first real test. Complaint volumes run below the major-supplier average. A sustained 2021-style crisis has not happened on Fuse's watch yet.

Can Fuse Energy go bust?

Any supplier can, but Fuse is much better positioned than the 2021-22 failures: vertically integrated, $158m+ in capital, cash flow positive. If it ever did fail, Ofgem's Supplier of Last Resort scheme protects your balance and moves you without interruption.

Who owns Fuse Energy?

Founders Alan Chang (ex-Revolut CRO) and Charles Orr own the majority alongside employees, with Balderton, Lowercarbon, Accel, Lakestar, Ribbit, and Storonsky's QuantumLight holding the rest. Series B valued the company at $5bn.

Fuse Energy vs Octopus

Both tech-led. Octopus is much larger and offers phone customer support, prepayment meters, and EV-specific tariffs like Agile (a half-hourly tariff for electric vehicle owners). Fuse is usually cheaper on fixed dual-fuel and has a slicker app, but a narrower tariff range and no phone line. Pick Fuse for the cheapest fixed deal. Pick Octopus if you need phone support or drive an EV.

Fuse Energy vs British Gas

Mostly a price story. The Fuse Energy fixed tariff is typically £100-£150/year cheaper. British Gas wins on brand, engineer network, and phone support. Fuse trades that scaffolding for lower bills.

Fuse Energy smart meter support

Fuse installs SMETS2 smart meters free, and the app reads meter data half-hourly. SMETS1 meters work once they get their over-the-air upgrade.

Is Fuse the cheapest energy supplier UK-wide?

Consistently among the cheapest, not always the single cheapest energy supplier UK-wide - E.ON Next Pledge and some Octopus trackers occasionally beat it. If Fuse lands in your region's top three, locking in for 12 months is usually the safest way to save money.

Fuse Energy exit fee

Currently £50 per fuel (£100 dual fuel), and zero in the last 49 days of the contract. The savings usually cover the fee within 12-15 months. Always confirm the current fee on the Fuse Energy website before you sign up - tariff terms can change.

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Sources: Fuse Energy company announcements, Tracxn funding data, Sifted ($70m raise coverage, Dec 2025), EU-Startups, Startupmag.co.uk, Trustpilot reviews (3,400+), Uswitch supplier profiles, Energy-Review.co.uk, SwitchPilot tariff database. Valuation and ARR figures from verified investor reports and company statements.

Disclaimer: This review is independent. SwitchInsights has no commercial link to Fuse Energy. Tariff rates were accurate in February 2026 but change often. Verify current pricing directly before switching.