Member Article

John Cullen, partner in the business recovery team at accountancy firm, Menzies LLP, said:

“Menzies LLP has been engaged by Entice Energy Supply Limited and its subsidiary company, Simply Your Energy Limited, trading as Entice Energy, to assist them with their proposed administrations.”

Director of Entice Energy, David Crowe, said:

“We are expecting Ofgem to initiate a ‘Supplier of Last Resort’ process in respect of the two companies sometime over the coming days and I have informed employees today.

“The challenges affecting the energy sector at the moment are well documented, with wholesale prices soaring and a price cap that means suppliers are forced to sell at significant losses for standard variable customers. In this case, Entice Energy Supply Limited had secured a price hedge agreement with its wholesale gas shipper, Contract Natural Gas Limited (CNG). As such, it would have been able to continue trading were it not for the fact that CNG has confirmed that it is insolvent and no longer able to honour its price hedge agreements.

“As a result of CNG’s insolvency, Entice Energy Supply Limited is facing spot market gas prices of up to three times its hedged prices and as a result, has no option but to cease trading.”

This was posted in Bdaily's Members' News section by Menzies .