About 7,000 customers of Usio Energy have been left in the lurch after the energy supplier ceased trading yesterday. They will be assigned a supplier by Ofgem, the regulator, after the third collapse of a small energy company in recent months. Customers will have their credit balances protected under Ofgem’s safety net. Usio used artificial intelligence to supply customers with green energy at low prices. Customers had smart meters installed and Usio’s software used data from the meters to calculate the energy they needed to buy. The company said yesterday that it had been “threatened with a substantial damages claim by one of its former service providers”. Usio “strongly disputed the claim and considered it did not have merit”, but could not accept more funding from investors while the claim was unresolved. The company added that its management “d eeply regrets the current situation”. Future Energy collapsed in January, followed by Iresa in July and Gen4U last month. The combined company failures affected more than 110,000 households.
Times 16th Oct 2018 read more »
ScottishPower has switched to 100% wind power generation after selling its gas and hydro business in a £702million deal. Drax Group is buying the portfolio of assets – power generation of 2,566 megawatts (MW).
Energy Voice 16th Oct 2018 read more »