Ofgem orders UK Energy Incubator Hub Ltd to provide information on financial stress testing and management control framework information
Press release
- Publication date
- Company
- UK Energy Incubator Hub Limited
- Industry sector
- Supply and Retail Market
Today (Friday 17 June 2022) Ofgem is issuing UK Energy Incubator Hub Ltd (formerly Euston Energy) with a Provisional Order, which compels it to provide the regulator with financial and other information relating to the company’s activities.
UK Energy Incubator Hub Ltd is a domestic supplier, serving approximately 3,000 customers, and operating under two brands, Northumbria Energy and Neo Energy.
UK Energy Incubator Hub Ltd is now required to immediately provide this information and we expect them to engage with Ofgem in a constructive manner.
Failure to provide the information requested by Ofgem is a breach of UK Energy Incubator Hub Ltd’s licence conditions, which all suppliers in the market are required to comply with.
Failure to comply with a Provisional Order may result in further enforcement action being taken by Ofgem which could include UK Energy Incubator Hub Ltd being stripped of its licence to operate in the GB market.
ENDS
Notes to editors
The obligation to provide information under this licence condition is enforceable by the Authority (Ofgem) as a relevant condition for the purposes of section 25 of the Electricity Act 1989 and section 28 of the Gas Act 1986. If the Authority considers that a licensee has contravened (and continues to contravene) a licence obligation, it may take enforcement action, which may result in a financial penalty or revocation of the supplier’s licence to operate in the GB market.