Thursday 15 August 2019
Ofgem revokes URE Energy’s electricity licence
URE Energy has been stripped of its electricity licence by Ofgem after failing to pay into a fund when it did not source enough renewable energy.
The supplier did not meet its Renewables Obligation (RO) as it did not pay into the buy-out fund by 31st August 2018 or present RO Certificates by 1st September 2018 or make a late payment by 31st October 2018.
In March 2019, Ofgem had ordered URE Energy to pay more than £209,000 by the end of the month and issued the company with a final order following a 21-day consultation period.
Under the RO scheme, suppliers that do not source the required proportion of electricity from renewable sources have to pay into a buy-out fund administered by the regulator.
For 2018/19, energy companies have until 31st August 2019 to meet their obligations or can pay the amount owed plus interest within the late payment window until 31st October 2019.
If they fail to do so, Ofgem can take action.
ELN has contacted URE Energy for a statement.
The news follows challenger supplier Solarplicity going bust this week.
Last year, the regulator launched investigations into Economy Energy and Spark Energy over their non-payments – both suppliers have since exited the market.
