August 15 (Renewables Now) - UK energy regulator Ofgem today said it will cancel the electricity supply licence of energy firm URE Energy after the latter failed to pay bills for not meeting a renewables generation requirement.
Under the government’s Renewables Obligation (RO) scheme, power suppliers that have not managed to source the required proportion of electricity from renewable energy sources have to pay into a buy-out fund administered by Ofgem or present Renewable Obligation Certificates (ROCs) purchased from clean energy generators.
According to Ofgem’s statement, URE Energy failed to meet its RO for 2017-2018, thus facing a fine. After missing several deadlines to pay the due amount of GBP 209,013 (USD 252,400/EUR 226,450) into the fund, URE Energy will lose its licence.
The move to revoke URE’s licence follows investigations opened by Ofgem last year into Economy Energy and Spark Energy over their non-payment. Both firms have since left the market.
Power suppliers have time until August 31, 2019 to meet their RO for the 2018-2019 period, Ofgem reminded. Otherwise, they can pay the fine, plus interest, within a late payment window running through October 31, 2019.
(GBP 1.0 = USD 1.208/EUR 1.083)