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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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.

The post Electricity retailers Mojo Power and QEnergy collapse appeared first on Energy Source & Distribution.

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AER steps in following Maximum Energy collapse

Electricity retailers Mojo Power and QEnergy collapse