Symbio Energy issued with provisional order by Ofgem to make it pay £450,000

slimbuck

(Already posted in the Symbio feedback thread, but it is in danger of being lost there amongst the other posts there on Scottish Power, Octopus Energy, Zog, Pfp, etc.)

The £450k payment was due 11 August 2021
Symbio says they won't pay it until next month.
This will delay the distribution of this money to generators and suppliers

If Symbio fails to comply, it could end up having its licence revoked.

https://www.ofgem.gov.uk/publications/ofgem-orders-symbio-energy-make-ps450000-payment-government-renewables-schemes

bristolleedsfan

Are Symbio the only energy company who have not made required payment by required time, reason I ask if my memory serves me correct last year a few others in same situation

slimbuck

bristolleedsfan said:

Are Symbio the only energy company who have not made required payment by required time, reason I ask if my memory serves me correct last year a few others in same situation

Only Symbio Energy were named by Ofgem this year.

But you are correct that last year there were several suppliers named. The domestic suppliers were:
Co-Operative Energy
Flow Energy
Nabuh Energy
Robin Hood Energy
Tonik Energy
Symbio Energy

Look what has since happened to all those others.

UnclaimedEnergy

Are those suppliers that didn't pay their RO bill on time last year?

The FiT payments that Symbio haven't made are quarterly.

Last quarter Avro Energy didn't pay on time either. However as this is the 3rd/4th time in just over a year for Symbio, Ofgem seem fed up now

[Deleted User]

This is the bit in the Ofgem link that would worry me if I was a Symbio customer:

Quote: At the same time, Ofgem is consulting on a final order requiring Symbio to respond to a request for information on the supplier’s cash flow forecasts. Unquote

Shedman

Dolor said:

This is the bit in the Ofgem link that would worry me if I was a Symbio customer:

Quote: At the same time, Ofgem is consulting on a final order requiring Symbio to respond to a request for information on the supplier’s cash flow forecasts. Unquote

Not surprised they are delaying providing cashflow forecast as, per their filed accounts, their cash position has reduced from £1.16m at 31/03/20 down to £0.16m as at 31/12/20 and they moved from positive £700k net current assets to a £(340)k net current liability position and,  as reserves fell by £0.9m, it suggests they lost an average of £100k a month over that 9 month period.