Add your feedback on energy supplier Tonik

Mabel2012

Some watch Tonik daily in the hope they prepare a bill, others watch their smart meter home display unit to see how much they are paying for energy every half hour. Who are the saddos. You decide.

ppppenguin

I have now switched my electricity to M&S Energy. I wonder how long Tonik will take to issue my final bill. Unfortunately they will owe me something, probably only about £10.

UnclaimedEnergy

Tonik Energy have entered credit default with Elexon - which basically means they don't have sufficient collateral to pay any debts. 

Normally once a supplier enters credit default, they end up going bust.

brook_heather

UtilityWeek are reporting:
Seven energy suppliers owe the regulator £34 million in Renewables Obligation (RO) and Feed-in Tariff (FIT) scheme payments. Figures released by Ofgem show Robin Hood Energy owes in excess of £12 million, while Tonik Energy has failed to pay £8.6 million.

inspectorperez

UnclaimedEnergy said:

Tonik Energy have entered credit default with Elexon - which basically means they don't have sufficient collateral to pay any debts. 

Normally once a supplier enters credit default, they end up going bust.

Which also means they are not getting any financial support from their holding company Retig Limited. That's never a good sign in my experience.

UnclaimedEnergy

I wouldn't look too much into Retig Limited. It was set up by the founder and CEO of Tonik.

They received £13m from Misui early 2019 though - which they've used to focus on non-supply projects (EV etc.) - seems the risk hasn't paid off.

inspectorperez

I wonder whether the connection with Mitsui is severed altogether now? Two of Retig's directors have resigned recently - Kazushige Katamura (31 December 2019) and Katsunori Nishida (18 September 2020) which does pose the question - have Mitsui baled out altogether now?

I am speculating that these two chaps were non executive directors appointed by Mitsui to look after their £12/M£13M investment.

Could be entirely wrong of course, but on the face of it, there does seem to be a connection with recent events!

Mabel2012

Tonik Energy Limited: Final Order

Opened:

Oct 2020

Company:

Tonik Energy Ltd

Regulation Area:

Sectoral Regulations

Breach Area:

Failure to meet obligations

https://www.ofgem.gov.uk/publications-and-updates/tonik-energy-limited-final

Doesn't look good for Tonik. My switch from them takes place on 09 October.

Switching is easy until....................

grumpycrab

https://www.ofgem.gov.uk/publications-and-updates/tonik-energy-limited-final

This is a working link
https://www.ofgem.gov.uk/publications-and-updates/tonik-energy-limited-final-order

inspectorperez

Being reported on one social media website this morning that Tonik have deleted their Facebook and Twitter pages as well as  telephone automatic response that company not taking calls at present!