Co-op Energy among suppliers facing £34m Ofgem renewables bill. Seven energy suppliers risk losing their licences if they fail to pay by the end of October. The energy watchdog has ordered seven energy suppliers to pay more than £34m owed for the Government’s renewable power commitments. Ofgem said it had failed to receive “adequate assurances” that the payments would be made by its deadline, suggesting that market conditions were squeezing smaller suppliers. The announcement is likely to fuel fears of a fresh wave of supplier bankruptcies. Under the so-called renewables obligation scheme, firms are given a target for spending on clean power as part of a push to make Britain a carbon-neutral country by 2050. If companies fail to hit this target, they must make up the shortfall by paying into a fund run by the regulator. Ofgem said it would issue final orders to compel seven suppliers, including Co-Operative Energy, Robin Hood Energy, and Tonik Energy, to pay £33.8m in outstanding payments needed to comply with the scheme.
Telegraph 2nd Oct 2020 read more »