Tonik Energy Limited: Final Order
Orders
Closed
- Publication date
- Closed date
- Company
- Tonik Energy Limited
- Industry sector
- Supply and Retail Market
- Scheme name
- RO
On 2 October 2020, the Authority published its notice of proposal to issue a Final Order (FO) on Tonik Energy Ltd (Tonik) in accordance with Section 25(1) of the Electricity Act 1989 (EA89).
The particular behaviour of concern giving rise to the proposed FO was that Tonik failed to meet its Renewables Obligations (RO), by failing to produce Renewables Obligation Certificates (ROC) to the Authority by 1 September 2020, or to make payments as an alternative by 31 August 2020, sufficient to discharge its RO; and that Tonik has failed to make its FIT Year 10 Levelisation payment.
Tonik subsequently failed to provide robust assurance that it could and would be in a position to make the necessary payment, including applicable interest, by the late payment deadline of 31 October 2020.
As Tonik ceased trading on 26 October 2020, the Authority has taken the decision not to proceed with issuing a FO.
The Authority will engage with Tonik’s administrators and seek to recover as much money as possible through that process.