Ofgem Issues Final Order to Gnergy
Ofgem Issues Final Order to Gnergy. Energy company, Gnergy Ltd, has missed its deadline to meet its Renewable Obligations. Furthermore, it has not provided Ofgem with adequate assurances that it will pay by the late payment deadline by 31 October 2019.
Three other late payers, Robin Hood Energy Ltd and Delta Gas and Power Ltd have paid and Toto Energy Ltd has ceased to trade.
Ofgem may take further enforcement action against other late payers who have previously provided adequate assurance if they fail to pay by the 31 October 2019 deadline.
Gnergy owes £673,876.62 plus interest and Ofgem has issued a final order to compel the supplier to make the outstanding payment to comply with the Renewables Obligation schemes by 31 October 2019.
Under the government’s Renewables Obligation schemes, suppliers have to demonstrate they have sourced enough electricity from renewable sources to meet their obligation by presenting Renewables Obligation Certificates (ROCs) to Ofgem by 1 September.
If suppliers do not have enough ROCs to meet their obligation, they must make up the shortfall by paying into a buy-out fund administered by Ofgem by 31 August.
Gnergy Ltd failed to pay into the buy-out fund or present the required number of ROCs by the 31 August and 1 September 2019 deadlines. It now has until the 31 October 2019 late payment deadline to make the outstanding payments, plus interest.
Toto Energy Ltd has since ceased to trade and as the outstanding Renewables Obligations weren’t paid, it will represent a shortfall in scheme funds.
The other two, Delta Gas and Power Ltd has since made its £91,937 payment plus interest and Robin Hood Energy Ltd has paid £9,435,925 plus interest in full and neither will be issued with a final order.
Ofgem has engaged with all other suppliers that missed the 31 August and 1 September deadlines and has received satisfactory assurances that they will be in a position to make the necessary payments by the late payment deadline.
Read the full Ofgem post
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