Ofgem has announced new plans to improve the financial health of energy suppliers in an effort to avoid company failures on the scale seen over the last year.
Following Ofgem redistributing the £58,375,203 Renewables Obligation (RO) late payment fund in December to energy suppliers, a further £384,278.28 has been recovered by the regulator.
Ofgem has confirmed that the mutualisation of the Renewable Obligation (RO) has been triggered, as continued turmoil in the energy supplier sector leaves a shortfall of £218,300,151.73.
Ofgem has issued two energy suppliers with final orders and five suppliers with provisional orders over a total of £17.9 million of outstanding Renewables Obligation (RO) payments.
Ofgem has revoked the electricity supply licence held by Nabuh Energy over unpaid debts.
Ofgem has proposed a £100,000 fine for Symbio Energy to send a “strong message” about late payments into government renewables schemes.
Ten energy suppliers that failed to meet the late payment deadline for Renewable Obligations (RO) have now either gone bust or had their licence revoked.
Mutualisation of Renewables Obligation triggered for third year as suppliers struggle to meet payment deadlines
For the third year in a row, mutualisation of Renewables Obligations (RO) has been triggered according to Ofgem.
‘Shortcomings’ of Northern Ireland’s Renewable Obligations scheme highlighted despite renewables growth
A number of "shortcomings" in the design of Northern Ireland’s Renewable Obligation scheme (NIRO) have been identified, allowing the rate of return to be in excess of 20% for some generators.