An East Midlands-based energy supplier has been awarded the clients of two failed competitors.
Yü Group, which is based in Nottingham and is an independent supplier of gas, electricity and water to the 海角视频 corporate sector, has been appointed by Ofgem as “Supplier of Last Resort” for Whoop Energy and Xcel Power.
It has agreed to take on their electricity and gas customer books with immediate effect.
Whoop Energy had supplied gas and electricity to 262 customers – 212 non-domestic SME customers and 50 domestic customers – across 401 meter points.
Meanwhile, Xcel had supplied gas to 274 non-domestic customers.
Under Ofgem's Supplier of Last Resort process, business customers will transfer to a new supplier on a flexible, "deemed", basis with a variable tariff reflective of current market conditions.
The total contribution to Yü Group revenues is expected to be approximately £150,000 per month.
In line with previous integrations, Yü Group will integrate these new customers on to the group's platform.
Most Read
Yü Group chief executive Bobby Kalar said: “I am very pleased to welcome customers of Whoop Energy and Xcel to Yü Group.
“We have already commenced migration onto our scalable operating platform ensuring the smoothest transition possible.
“The award from Ofgem is further testament to the strength of our business with our strong foundations, proven platform and robust hedging strategy.
“This follows the award and subsequent seamless integration of Ampower in November 2021 and we are proud to be working with Ofgem to ensure a stable supply of energy for 海角视频 businesses."
Ofgem said funds that current and former domestic customers of the suppliers have paid into their accounts will be protected, where they are in credit, and domestic customers will also be protected by the energy price cap with the new supplier.
It said customers of Whoop Energy and Xcel Power Limited will be contacted over the coming days about the changes, and if they want to switch supplier, they can shop around but are advised to wait until the transfer has been completed.
Customers will not be charged exit fees if they decide to switch to another supplier.
Don’t miss
Neil Lawrence, Ofgem’s director of retail, said: “I am pleased to announce we have appointed Yü Energy for the customers of Whoop Energy and Xcel Power.
“We understand that this news may be unsettling for customers, however they do not need to worry.
“Their energy supply will continue as normal, and domestic customer credit balances will be honoured.
“Yü Energy will be in contact with customers over the coming days with further information.
“Once the transfer has been completed, customers can shop around for a better deal if they wish to.”
Sign up for your free East Midlands newsletter and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from across the East Midlands including Leicestershire, Nottinghamshire, Derbyshire and Lincolnshire.
Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.
We will also send out 'Breaking News' emails for any stories which must be seen right away.
For all the latest stories, views and polls, follow our