Here we go again

Mstty

Hold onto your hats and hope Ofgem plugged all the holes

https://www.energylivenews.com/2023/05/30/surge-in-new-uk-energy-licence-applicants-amid-declining-electricity-costs/

Swipe

Bring it on

[Deleted User]

Much as I like the idea of more competition again I'm far from convinced that the regulatory framework is robust enough to handle things given all the other risks associated with a turbulent market. 

M25

Grant Nicholson, a former cricketer and the Founder of Planet-U Energy.  Planet-U Energy had faced financial difficulties and collapsed in July 2021, leading Nicholson to explore new avenues within the energy sector.

Perfect nothing to worry about we'll pick up the casino energy 'market' bills when it all goes a bit Pete Tong.

We're all a new avenue for investors, flotsam and jetsam and ne' do wells with the full backing of OFGEM.

Maybe we should all move to Canada and train up as teachers? https://www.heraldscotland.com/business_hq/23201644.soaring-scottish-energy-bills-help-pay-pensions-canadian-teachers/

Joyful

I feel they should be made to pay the debt they had if they set up another company in the same area. Otherwise we will be paying it for years. Ofgem are not fit for purpose unless they are more rigorous in what they do this time around.

[Deleted User]

Joyful said:

I feel they should be made to pay the debt they had if they set up another company in the same area. Otherwise we will be paying it for years. Ofgem are not fit for purpose unless they are more rigorous in what they do this time around.

Sadly, energy companies are no different from any other company that goes into administration. There is little that Ofgem can do unless the Government changes the rules for all companies.

It is worth pointing out that we, the consumers, have paid nothing towards any failed suppliers debts. We have paid SoLRs for the additional costs that they have incurred in taking on new customers, and for the cost of consumer balance credit protection. Both are Ofgem decisions. 

That said, it will be interesting to see how Ofgem applies its ‘fit and proper’ person test to any new applicants.