Utility Point CEO issues statement after ceasing operations

In a statement to the Echo, CEO Ben Bolt said: “We are not yet under administration. The energy industry is a strange beast and we have to go through a process that involves the revocation of our license to supply and transfer of customers to the new supplier before entering administration.

“At this point we will know from the new supplier (SOLR) what they intend to do, ie if they want to keep all staff, or certain staff or departments.

“The transfer of clients should take place on Saturday morning with the administrators appointed on Monday.

“At this point and only at this point, things will become clear and thereafter the administrator will contact everyone and inform them if a dismissal proposal will be issued. If so, they will all be consulted according to the procedures correct and aligned across all processes.

“Simon and I pride ourselves on doing the right thing for everyone and it’s no different now and, together with the Board of Directors, we’ve worked tirelessly to ensure that staff and our creditors are placed in the best possible position.

“We thank all of our staff, customers and suppliers for their support over the years and we have always done our best for everyone involved, even in the end, shirking no responsibility and keeping the duties of our directors. at the forefront of everything we do.

“Right now, I have focused my attention on the entire Utility Point team and making sure all customers are smoothly transferred to a new supplier when it becomes clear. ”

In a letter to employees, CEO Ben Holt attributed the shutdown of the UK’s 15th largest energy company to current global events as well as the current Covid-19 situation.

The letter said: “Pressures will continue to increase in the market as wholesale energy prices hit record highs due to an increase in extreme weather conditions.

“This has led to a global gas supply shortage, an inability to provide timely and necessary generator maintenance, leading to the taking of several sites offline and declining exports from Russia, coupled with growing demand.

“Utility Point has offered competitive prices and an excellent level of service since its inception in 2017 and went above and beyond what was necessary to support the UK public it serves. global economic climate, was not there.

“This toxic mix of circumstances and the lack of commercial understanding of some powers has made the prosecution impossible, indeed the only real result for consumers, which will be felt over the coming year, is that prices will rise for the very people they are trying to protect, so it is because of this perfect storm and with great sadness that we close our doors.

OFGEM will select a supplier to support the 225,000 Utility Point customers and announce it to the entire market on Thursday September 16 with a view to transferring all customers in the early morning hours of Saturday September 18.