Energy news in general

[Deleted User]

Meanwhile, a report on Bloomberg says we are using more coal than ever at the moment. 

meinnit

Deleted_User said:

Meanwhile, a report on Bloomberg says we are using more coal than ever at the moment. 

https://mobile.twitter.com/myGridGB/status/1462923056310067203

7% coal as of 11pm last night 

Dogbyte009

Place your bets...

https://www.thesun.co.uk/money/16825500/11-energy-suppliers-brink-bust-after-bulb-bills-rise/

[Deleted User]

A Scottish energy supplier has said it is looking to secure "long-term funding for growth" as it aims to return to profitability.

Together Energy is understood to be working with advisers at Alvarez & Marsal to raise additional capital.

It is a supplier to more than 170,000 homes and has 350,000 accounts.

In a statement supplied to Insider's sister site BusinessLive, the company said: "Together Energy is looking to source strategic long-term funding for growth, not short-term."

According to its most recently-available accounts, for the 12 months to the end of October 2020, the business posted a pre-tax loss of £4.1m.

Good luck with that. Is that 'the' Together Energy' or no relation?

brewerdave

Deleted_User said:

A Scottish energy supplier has said it is looking to secure "long-term funding for growth" as it aims to return to profitability.

Together Energy is understood to be working with advisers at Alvarez & Marsal to raise additional capital.

It is a supplier to more than 170,000 homes and has 350,000 accounts.

In a statement supplied to Insider's sister site BusinessLive, the company said: "Together Energy is looking to source strategic long-term funding for growth, not short-term."

According to its most recently-available accounts, for the 12 months to the end of October 2020, the business posted a pre-tax loss of £4.1m.

Good luck with that. Is that 'the' Together Energy' or no relation?

They "claim" its for the long term - but as far as I can see, they still haven't paid the outstanding £12.4m owing for their Renewable Obligations

[Deleted User]

Yes, it is 'that' Together Energy.

Sky News has learnt that Together Energy, which is 50%-owned by Warrington Borough Council, is working with advisers at Alvarez & Marsal to raise additional capital.

It was unclear how large a funding shortfall Together Energy, which employs about 250 people, faces.

The company's other shareholders include Paul Richards, its chief executive.

Warrington Borough Council initially invested £18m in Together Energy in September 2019, arguing that the partnership was "an important part of the council's work to address the climate emergency, tackle fuel poverty and create new job opportunities for local people".

Two other council-backed suppliers have already lost their independence: Bristol Energy, which was sold to Together Energy in September 2020 for £14m, and Robin Hood Energy, which received millions of pounds in funding from Nottingham City Council, collapsed last year, with its customers transferred to British Gas.

Shedman

And didn't Neon Reef claim in their recent 'we're your friends honest guv" email that they tried the same thing with the same advisors and couldn't get any interest.  Why would anyone want to invest in a company that owes £12.5m to Ofgem let alone goodness knows how much to customers, HMRC, distributors and other creditors? 

[Deleted User]

Further to a discussion about tidal power earlier in the thread.

https://renews.biz/73877/uk-to-invest-20m-per-year-in-tidal-energy/ 

brewerdave

Deleted_User said:

Further to a discussion about tidal power earlier in the thread.

https://renews.biz/73877/uk-to-invest-20m-per-year-in-tidal-energy/ 

....but they wanted £71m !!

[Deleted User]

This passed me by. Ofgem seems to have snuck through another two company failures today, namely Entice Energy and Orbit Energy. That’s another 70000 customers looking for a new supplier. 

Last week, Ofgem ordered five energy suppliers to pay what they owe into a scheme to support small-scale renewable energy production, or risk having their licences removed.

It was confirmed that Orbit missed the largest payment of more than £451,000 while another four suppliers owed between £19,000 and £47,000, one of which included Entice.  

Source: Yahoo 

So who were the other three miscreants?