UK Shell Energy takes on customers of failed Green Energy
British energy regulator Ofgem has appointed Shell Energy as the supplier of last resort for Green Supplier's 255,000 domestic customers and a small number of non-domestic customers. it said September 27.
This follows a competitive process run by Ofgem to get the best deal possible for customers and comes the day after Octopus Energy took on the 580,000 customers of Avro Energy.
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Outstanding credit balances, including money owed to both existing and former domestic customers of Green Supplier will also be honoured. Domestic customers will also be protected by the energy price cap with their new supplier.
Existing Green customers will continue to receive energy as normal as they switch over to Shell Energy, Ofgem said. It did not comment on the reasons for the failure but the likelihood is that the company had not adequately hedged its purchase contracts from the huge rise in wholesale gas and power markets.
According to price reporting agency ICIS, the front month gas contract has traded higher than the day-ahead record (€85/MWh at the Dutch TTF hub) when the Beast from the East struck in March 2018.