The surge in wholesale energy costs has claimed yet another supplier—this time Belfast-based Bright Energy, which offered renewable electricity to households in Northern Ireland and the Republic of Ireland.
Bright Energy has notified the Commission for the Regulation of Utilities (CRU) that it will cease trading net month. It will also leave the Northern Irish market on 13 February.
Bright Energy launched in 2020 offered 100% renewable electricity through a single variable tariff to households in Ireland’s Single Electricity Market. It built up a customer base of around 7,000 households but couldn’t keep up with the “relentless rise in wholesale prices,” which are 200% higher than when it launched.
According to Ireland’s Central Statistics Office, whole electricity prices rose 260% last year as a result of surging global natural gas costs and low wind power generation.
In late 2021, as wholesale prices surged, Bright gave its customers the opportunity to switch to a new supplier: Power NI in Northern Ireland or Energia in the Republic of Ireland or to an alternative provider of their choice.
“Bright entered into agreements with Power NI in Northern Ireland and Energia in ROI for the transfer of its customer books. Customers were invited to move to these respective providers, or an alternative supplier of choice and the process was completed seamlessly,” the company said in a statement.
Around 1,300 customers didn’t switch away at that point. Under CRU protocols, they will now be transferred to an appointed Supplier of Last Resort (SoLR)—Electric Ireland, a subsidiary of Electricity Supply Board, Ireland’s state-owned electricity company. Their electricity supplies have continued as normal and accounts were transferred to Electric Ireland on 26 January.
Under the regulator’s rules, Electric Ireland will contact all Bright Energy customers within five business days. After a further 20 business days, they can opt to remain with Electric Ireland or seek out another supplier.
“The supplier of last resort process ensures that this will not negatively impact customers,” said CRU commissioner Aoife MacEvilly.
In Britain, 27 energy suppliers have folded under similar pressures, most recently Together Energy.
Source: https://www.irishtimes.com/business/energy-and-resources/bright-energy-pulls-out-of-irish-electricity-market-over-surging-wholesale-prices-1.4786184
