Neon Reef - any views?

[Deleted User]

Isn’t there some link to another ex supplier, Utility Point? 

Shedman

Deleted_User said:

Isn’t there some link to another ex supplier, Utility Point? 

Two of the directors of NR were also directors of UP (Ben Bolt and Simon Yarwood)

QrizB

Shedman said:

Deleted_User said:

Isn’t there some link to another ex supplier, Utility Point? 

Two of the directors of NR were also directors of UP (Ben Bolt and Simon Yarwood)

... and do I remember that earlier in the year some electricity-only UP customers were transferred to NR? Possibly without their express prior consent?

[Deleted User]

Possibly, or was that now-failed Omni, who did something similar? 

Shedman

QrizB said:

Shedman said:

Deleted_User said:

Isn’t there some link to another ex supplier, Utility Point? 

Two of the directors of NR were also directors of UP (Ben Bolt and Simon Yarwood)

... and do I remember that earlier in the year some electricity-only UP customers were transferred to NR? Possibly without their express prior consent?

According to some posters on here...in hindsight I expect that they are glad about that.  There was some debate about the legality of it and whether it was covered in UP's T&Cs

QrizB

Found it:
https://forums.moneysavingexpert.com/discussion/6240734/utillity-point-to-neon-reef

OldScientist

GingerTim said:

ivanleo said:

"Omni Energy Limited, MA Energy Limited, Zebra Power Limited, and Ampoweruk Ltd have today announced they are ceasing to trade."

https://www.ofgem.gov.uk/publications/ofgem-protects-customers-omni-energy-limited-ma-energy-limited-zebra-power-limited-and-ampoweruk-ltd

Surely NR must have cleared the 300k or else they'd be on that list?

Keep an eye on this page which lists the companies in default and whether they've cleared it - NR's acronym is OREG: https://www.bmreports.com/bmrs/?q=balancing/creditdefaultnotice

There are two entries against OREG now (Level 1 from today) - does that mean that they have cleared the Level 2 down to a Level 1 default (there's nothing in the cleared column) or that they have a new default?

Shedman

OldScientist said:

GingerTim said:

ivanleo said:

"Omni Energy Limited, MA Energy Limited, Zebra Power Limited, and Ampoweruk Ltd have today announced they are ceasing to trade."

https://www.ofgem.gov.uk/publications/ofgem-protects-customers-omni-energy-limited-ma-energy-limited-zebra-power-limited-and-ampoweruk-ltd

Surely NR must have cleared the 300k or else they'd be on that list?

Keep an eye on this page which lists the companies in default and whether they've cleared it - NR's acronym is OREG: https://www.bmreports.com/bmrs/?q=balancing/creditdefaultnotice

There are two entries against OREG now (Level 1 from today) - does that mean that they have cleared the Level 2 down to a Level 1 default (there's nothing in the cleared column) or that they have a new default?

Looking at some suppliers that went bust (symbio, colorado, omni) it seems they went from level 2 to level 1 and then went bust.....😱

MWT

OldScientist said:

GingerTim said:

ivanleo said:

"Omni Energy Limited, MA Energy Limited, Zebra Power Limited, and Ampoweruk Ltd have today announced they are ceasing to trade."

https://www.ofgem.gov.uk/publications/ofgem-protects-customers-omni-energy-limited-ma-energy-limited-zebra-power-limited-and-ampoweruk-ltd

Surely NR must have cleared the 300k or else they'd be on that list?

Keep an eye on this page which lists the companies in default and whether they've cleared it - NR's acronym is OREG: https://www.bmreports.com/bmrs/?q=balancing/creditdefaultnotice

There are two entries against OREG now (Level 1 from today) - does that mean that they have cleared the Level 2 down to a Level 1 default (there's nothing in the cleared column) or that they have a new default?

It means they have two defaults now, it is possible to default under both level 1 and level 2 at the same time.

QrizB

OldScientist said:

GingerTim said:

ivanleo said:

"Omni Energy Limited, MA Energy Limited, Zebra Power Limited, and Ampoweruk Ltd have today announced they are ceasing to trade."

https://www.ofgem.gov.uk/publications/ofgem-protects-customers-omni-energy-limited-ma-energy-limited-zebra-power-limited-and-ampoweruk-ltd

Surely NR must have cleared the 300k or else they'd be on that list?

Keep an eye on this page which lists the companies in default and whether they've cleared it - NR's acronym is OREG: https://www.bmreports.com/bmrs/?q=balancing/creditdefaultnotice

There are two entries against OREG now (Level 1 from today) - does that mean that they have cleared the Level 2 down to a Level 1 default (there's nothing in the cleared column) or that they have a new default?

According to this document:
https://www.elexon.co.uk/documents/training-guidance/bsc-guidance-notes/credit-default-2/

... in order to trade electricity you need to put up collateral to cover your credit. Level 1 is when your debt equals or exceeds 80% of your collateral, and Level 2 is when it exceeds 90%.

Neither are shown as "cleared" so I'm assuming this is a second credit default.

As the document says:

You may be in Level 1 or Level 2 Credit Default but continue to pay your Trading Charges when they are due i.e. you are in Credit Default but not Payment Default. While not causing any bad debt to other BSC Parties, a Trading Party in Credit Default is a risk to other BSC Parties because if it does stop paying invoices, it may not have sufficient collateral to cover all of its debts.

It's not a good look for NR, at the very least.