Together Energy Update - Sky News

[Deleted User]

https://news.sky.com/story/local-authority-backed-together-energy-latest-to-face-collapse-12509418

ihatetrump

No surprise then -it was always inevitable - have they been trading while insolvent is the next question followed by who will bail out Warrington Borough Council and investigate their investment of taxpayer funds?

https://forums.moneysavingexpert.com/discussion/6312835/together-energy-warrington-borough-council#latest

MWT

ihatetrump said:

No surprise then -it was always inevitable - have they been trading while insolvent is the next question ...

Highly unlikely as they have had professionals involved in the hunt for fresh finance, so until that officially concludes unsuccessfully they have most likely not been insolvent.

ihatetrump

Last filed accounts (October 2020) - customer advance payments owing of just short of £23M. Long Term creditors (including Warrington BC) of £23.7M. Cash in the bank of £422k. Then this (https://www.ofgem.gov.uk/publications/ofgem-orders-seven-suppliers-pay-ps179m-unpaid-renewables-obligations-payments) - another £12.4M.

Administrators Report (if and when it happens) will make interesting reading - no doubt WBC (and their ratepayers) will be taking a bit hit.

brewerdave

The story hasn't really moved on since early December when OFGEM gave them a stay of execution on defaulting on their Renewable Obligations payments and the CEO of Together said that they would run out of cash mid January if no new investment forthcoming.
I believe D Day is 13th January when all representations have to be made to OFGEM. If no money forthcoming then sometime after that will be Adios TE Day !!
PS Wouldn't like to be a Warrington ratepayer !!

Shedman

@brewerdave Shame as they were your favourite energy supplier 😉....

I reckon we're both probably surprised they didn't go under years ago, certainly deserved to based on their incompetence.

[Deleted User]

If I was a TE customer, I would be giving some thought to whether I could/show jump ship given the timescale of a possible failure; the time for a SoLR to takeover the supply, and the pending Cap increase. It could all get very messy if customers are hoping to fix.

brewerdave

[Deleted User] said:

If I was a TE customer, I would be giving some thought to whether I could/show jump ship given the timescale of a possible failure; the time for a SoLR to takeover the supply, and the pending Cap increase. It could all get very messy if customers are hoping to fix.

Because T.E's billing system is in such a mess , they have stopped a lot of people from leaving the sinking ship by raising objections !
There is a FB group where tales of nonsensical bills being raised (for multiple £thousands) are common. The "system" seems to have difficulties with crediting DD payments to accounts !!

[Deleted User]

brewerdave said:

[Deleted User] said:

If I was a TE customer, I would be giving some thought to whether I could/show jump ship given the timescale of a possible failure; the time for a SoLR to takeover the supply, and the pending Cap increase. It could all get very messy if customers are hoping to fix.

Because T.E's billing system is in such a mess , they have stopped a lot of people from leaving the sinking ship by raising objections !
There is a FB group where tales of nonsensical bills being raised (for multiple £thousands) are common. The "system" seems to have difficulties with crediting DD payments to accounts !!

One for the MSE staff to pursue perhaps.