Energy company collapses after asking customers to switch providers as costs have skyrocketed – with THOUSANDS of homes affected
An energy supplier was suspended from the national electricity market and will be excluded from trading after being placed under voluntary administration.
Elysian Energy, whose customers are majority based in Victoria, will be taken off the market on Friday, the Australian energy market operator confirmed.
Brooke Bird bankruptcy experts Adrian Hunter and Robyn Erskine have been appointed as administrators of the company.
Customers of the provider are likely to switch to another provider.
An Australian electricity provider has collapsed.
“Elysian Energy customers need not worry about their power being shut down during this transition,” Mr Hunter said in a statement.
‘We are working hand in hand with the Essential Services Commission, the Australian Energy Regulator and AEMO to ensure this is a smooth process for all customers.’
Elysian supplies around 7500 houses with solar energy.
The closure comes three months after Elysian urged its customers to find a new supplier as rising wholesale costs forced them to double prices.
Customers received a letter from the service saying it had weathered massive wholesale electricity price hikes and said the additional cost to consumers would soon increase by at least 100 percent.
Australians have seen increases in the price of their energy bills.
ReAmped Energy applied a similar measure, telling customers that it was in their best interest to switch suppliers to get a cheaper price.
At the time, Australia’s energy regulator raised benchmark prices for retailers, resulting in households seeing higher bills from July 1st.
ReAmped Energy CEO Luke Blinkoe said it’s an “incredibly volatile time” for the energy market due to rising costs.
“Several retailers have already started raising the drawbridge, so customers must act quickly to secure a better deal now before it’s too late,” he said in a statement.
“There are still a handful of competitive deals out there. Nobody really knows how bad it’s going to be, so we want people to act now.”
ReAmped Energy has 70,000 customers across NSW, Queensland, Victoria, South Australia and ACT.