Ofgem has revoked the electricity supply licence held by Nabuh Energy over unpaid debts.
It follows the regulator issuing Nabuh a final order on 20 October 2020 to make a payment of £2,683,631.70 of Renewable Obligation (RO) debt plus accrued interest by no later than 31 October 2020.
Ofgem then served Nabuh with a statutory written demand on 18 November for £2,683,631.70, however Nabuh was unable to pay the full amount within the three weeks allowed under section 123(1)(a) of the Insolvency Act 1986.
Therefore, Ofgem has revoked Nabuh’s licence, stating that as Nabuh is unable to pay its debts, Ofgem is not satisfied that the company will be able to continue to provide or otherwise procure the services necessary for supplying electricity to its customers or to pay charges under the industry arrangements.
Additionally, Nabuh is not active in the market, having sold its customer book to Centrica, and as such there is no need to appoint a Supplier of Last Resort.
Robin Hood Energy – which was also served a final order in October 2020 over unpaid RO obligations – also sold its customer base to Centrica, while the third supplier to be issued a final order – Symbio Energy – was later also served a provisional order to pay £450,000 to the feed-in tariff scheme.
It comes as suppliers face increasingly difficult market conditions, with the high power prices seen across GB over recent weeks meaning that some could be paying over the odds for electricity.
In the last few weeks alone, four energy suppliers – PfP Energy, MoneyPlus Energy, People’s Energy and Utility Point – have gone bust, while Bulb has approached financial advisory and asset management firm Lazard to assess its options.
