Energy regulator has named four energy supplier that missed the 2022-23 Renewable Obligation (RO) late payment fund.
The four energy suppliers to have missed the late payments deadline on 31 October 2023 include Marble Power, BES Commercial Electricity, Crown Gas and Power2 and the UK Energy Incubator Hub.
Of the four supplier groups across six obligations who failed to discharge their obligation by the 31 August and 1 September deadlines, four obligations were fully discharged by the late payment deadline of 31 October.
However, two obligations were not met. This is the UK Energy Incubator Hub which had an outstanding obligation of £90,160.40 in England and Wales as well as an outstanding obligation in Scotland amounting to £9,359.76.
As a result, Ofgem confirmed that the supplier has thus had its licence revoked. Ofgem noted that it is “unable to pursue enforcement action against suppliers which have ceased trading and had their licence revoked. We will seek to recover outstanding payments due from such suppliers through the organisations’ administrators where appropriate”.
As a relevant shortfall has not been reached, Ofgem declared that mutualisation has not been triggered for the 2022-23 scheme year. Last year saw several companies fail to discharge its 2021 to 2022 ROs leading to a fifth consecutive mutualisation.
The RO scheme requires energy suppliers to purchase a set percentage of the power that is sold to customers from renewable sources helping to continue decarbonisation of the UK. These can be addressed in two primary methods. One is the through the purchase of RO certificates and the other is via payment into a buy-out fund.