administration Archives - Energy Source & Distribution

AER steps in following Maximum Energy collapse

Nadia Howland — Wed, 07 Aug 2024 01:11:22 +0000

The Australian Energy Regulator (AER) has initiated the Retailer of Last Resort process to facilitate the transfer of customers from collapsed electricity retailer Maximum Energy Retail Pty Ltd (trading as Circular Energy).

The initiation of this process ensures a continued supply of essential energy services to these customers.

The AER applied the market safeguard after the company was suspended from trading in the National Electricity Market by the Australian Energy Market Operator (AEMO) for failing to comply with electricity wholesale market settlement requirements prescribed in the National Electricity Rules.

Maximum Energy’s suspension will impact approximately 800 customers across Victoria and South Australia. Customers are not required to take any immediate action.

Under the Retailer of Last Resort process, each customer will be transferred to one of Origin Energy, AGL or EnergyAustralia, who will contact them directly to explain the new arrangements.

Customers are under no obligation to remain with their new retailer once they are transferred.

The AER is responsible for overseeing the national Retailer of Last Resort scheme.

Recent amendments to the National Energy Retail Law (Victoria) Act 2024 and the National Energy Retail Law (Victoria) Regulations 2024 give the AER the responsibility of managing Retailer of Last Resort events in Victoria, along with the National Energy Customer Framework regions (being Queensland, New South Wales, ACT, South Australia and Tasmania).

This is the first RoLR event to occur under the new arrangements for Victoria.

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EV charging firm Tritium appoints administrators

Nadia Howland — Thu, 18 Apr 2024 23:22:03 +0000

Australian electric vehicle (EV) charging company Tritium is facing insolvency and has appointed KPMG as voluntary administrator.

Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for EVs.

In a statement to the United States Securities and Exchange Commission, the company said Tritium DCFC and three of its Australian subsidiaries were either insolvent or likely to become insolvent.

Tritium’s directors have appointed Peter Gothard, James Dampney and William Colwell of KPMG to act as voluntary administrators.

Tritium last year received a capital investment of US$40 million to continue scale production and grow its service operations around the world. However, its share price has since deteriorated, with the company facing de-listing from the Nasdaq.

On April 5, 2024, Tritium received a notice from the Nasdaq advising the company did not meet the minimum 1,100,000 publicly held shares required for continued listing on Nasdaq.

Related article: Redback Technologies enters voluntary administration

“The company intends to demonstrate a plan to regain compliance with the Public Float Standard and intends to take all necessary steps for its shares to remain trading on Nasdaq until such time as the Nasdaq Hearings Panel makes a final determination,” Tritium said in a statement to investors.

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Electricity retailers Mojo Power and QEnergy collapse

Nadia Howland — Mon, 19 Jun 2023 23:25:59 +0000

Australia’s rising wholesale energy prices have seen the collapse of two more electricity retailers, Sydney-based renewables retailer Mojo Power and Brisbane-based QEnergy.

Related article: ACCC report highlights electricity retailer squeeze

Mojo and QEnergy, both owned by Ion Holdings Ltd, were suspended from trading on the National Electricity Market (NEM) on June 17 by AEMO.

Mojo and QEnergy were issued wind-up orders by the Supreme Court on June 15, leading to their suspension and the implementation of the Retailer of Last Resort process—meaning the companies’ combined 12,000 or so customers across Queensland, New South Wales, and South Australia will be transferred to another retailer.

Customers are not required to take any action during this process and are not obligated to stay with the retailer they are transferred to.

Related article: Power Club the fourth energy retailer to bite dust

Mojo Power and QEnergy join a number of other electricity retailers who have fallen victim to Australia’s volatile wholesale prices, including Power Club, Enova, Weston Energy and Pooled Energy.

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Power Club the fourth energy retailer to bite dust

Nadia Howland — Wed, 13 Jul 2022 23:32:14 +0000

Power Club is the fourth energy retailer that has has fallen victim to Australia’s wholesale electricity prices following the voluntary administration of Enova Energy and the collapse of Weston Energy and Pooled Energy.

Small energy retailer Power Club, with members in Queensland, NSW, the ACT and South Australia, was suspended by the Australian Energy Market Operator (AEMO) on Tuesday.

Related article: Enova Energy enters voluntary administration

In a statement AEMO advised it had issued a notice to suspend Power Club Limited from all trading in the National Electricity Market (NEM).

“Power Club Limited is ineligible to trade or enter into any transaction in the NEM until such time as AEMO notifies Power Club Limited and all other Registered Participants that the suspension has been lifted,” AEMO said.

Power Club’s customers will be reassigned to Origin Energy, Energy Australia, and ActewAGL.

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