NI energy supplier Open Electric has ceased trading and had its licence revoked by the NI Utility Regulator. The company’s customers will now transfer under supplier of last resort arrangements to Power NI, which is the price-regulated supplier in Northern Ireland.
Open Electric said in a statement: “Due to swift and significant increases in energy prices over recent months and as a small supplier our inability to forward buy energy to allow us to access the best possible wholesale price means that the business has become untenable.”
The regulator reassured customers that their supply would not be affected over the Christmas period. Chief executive, Jenny Pyper, said:“Customers of Open Electric do not need to worry, particularly over the Christmas period, and they will not experience any disruption to their electricity supply. All of Open Electric’s customers have now been switched to Power NI, which is the nominated supplier under the contingency arrangements established for this kind of situation by the Utility Regulator, Power NI and NIE Networks.” She said the regulator had been carefully watching market developments “particularly over the last few weeks” and has spoken with suppliers.
Last winter price spikes, not blackouts, were the main fear. Has anything changed?