Multi-utility business supplier Yü Group has been appointed by Ofgem as Supplier of Last Resort (SOLR) for 8,158 businesses supplied by Ampoweruk, which has ceased trading. Yü Group sells water as well as gas and electricity to its customers.
Ampower’s mainly electricity business sites will increase Yü’s meter portfolio by 38% and increase revenues by £7.5 million per month, the SOLR said. Yü said it was “confident in its ability to retain a significant proportion of the Ampower business customer book, leading to substantial increase in forward contracted revenue”. It said it “has the necessary capability and experience to serve Ampower’s very small number of domestic customers”.
Yü said it has integrated the new customers onto its scalable platform and is in the process of contacting the customers affected, and it has already taken steps to hedge the increased customer demand forecasted.
Bobby Kalar, Group Chief Executive Officer, said: “I’m very pleased to have been awarded the Ampower customer book. In recognition of our strong systems and experienced team these customers have already been migrated onto our scalable operating platform seamlessly over the weekend with negligible impact on resource or capacity. Our experience and track record means we are confident the customer transition will be seamless, quick and well communicated.
Our robust hedging strategy and strength of balance sheet are underpinned by a proven business model and a solid and scalable platform.”