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.
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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.
