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24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
Irish company Bright Energy files for bankruptcy
Irish company that worked with environmentally friendly fuel faced bankruptcy. Bright Energy has announced that it will leave the country's electricity supply market. All of its 1,300 customers will now be taken over by the Electric Ireland, the so-called ‘supplier of last resort’.
Bright Energy was founded in 2020 as a joint venture of the McMullan family, which ran the Maxol company and the Devine family, which owned Evermore Energy. The organization provided customers with a chance to manage their energy consumption by paying for it using a dedicated software platform and a mobile app.
Bright Energy management blames the inevitable rise in energy prices for the current situation. They turned out to be 200% higher than those that were at the start of the work of company. Wholesale electricity prices in Ireland have risen by 260% in 2021, according to the Central Office for Statistics. The skyrocketing fares even prompted the government to offer citizens a special discount of ˆ100 in March 2021 to normalize the situation.
Experts note that there are still 15 electricity suppliers and 8 gas suppliers in the domestic market of the country. All of them offer a wide range of tariffs and options. Thus, Bright Energy customers will be able to choose any of the companies within 20 working days or remain the customers of Electric Ireland.
The Irish Times, which reported on the incident, notes that so far the situation in the Irish market is a little better than in Britain. There, 22 firms whose clients were 2 million households, have already gone bankrupt.
Bright Energy was founded in 2020 as a joint venture of the McMullan family, which ran the Maxol company and the Devine family, which owned Evermore Energy. The organization provided customers with a chance to manage their energy consumption by paying for it using a dedicated software platform and a mobile app.
The initiative has resulted in annual savings of up to 23% of the average annual household budget.
The National Public Utilities Regulatory Commission (CRU) advised the company's customers not to take any prompt actions. Their service accounts were transferred to another organization on January 26, so no disruption is expected.Bright Energy management blames the inevitable rise in energy prices for the current situation. They turned out to be 200% higher than those that were at the start of the work of company. Wholesale electricity prices in Ireland have risen by 260% in 2021, according to the Central Office for Statistics. The skyrocketing fares even prompted the government to offer citizens a special discount of ˆ100 in March 2021 to normalize the situation.
Experts note that there are still 15 electricity suppliers and 8 gas suppliers in the domestic market of the country. All of them offer a wide range of tariffs and options. Thus, Bright Energy customers will be able to choose any of the companies within 20 working days or remain the customers of Electric Ireland.
The Irish Times, which reported on the incident, notes that so far the situation in the Irish market is a little better than in Britain. There, 22 firms whose clients were 2 million households, have already gone bankrupt.
Many blame the situation on a combination of climatic and geopolitical factors that created a ‘stormy’ situation in the market.
Low winds and a cold winter that depleted gas reserves, coupled with growing consumption by Asian countries, as well as geopolitical tensions on the borders of Russia and Ukraine, are forcing the market to remain in a state of increased turbulence. If the market volatility persists, experts do not rule out that other players may follow Bright Energy's example. 28.01.2022
