U.K. regulator the Office for Gas and Electricity Markets (Ofgem) has ordered English energy supplier Symbio Energy to hand over the £450,000 (€528,000) it owes to the renewable energy feed-in-tariff (FIT) scheme.
Symbio, which bills itself as the “UK's lowest priced electricity supplier” on its website, was due to have paid the money a week ago, with its quarterly contributions determined by the volume of electricity supplied.
However, the Watford-based supplier, which began operations in March 2019, has told Ofgem it will not be able to pay the money until September 3, more than three weeks late.
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With Symbio having previously missed payments and failed to respond to a request from the regulator to see its cashflow forecasts, Ofgem today said it is also conducting the standard three-week consultation period before issuing a final order compelling the energy company to respond to the request to see its figures. If Symbio does not comply, Ofgem said, it could lose its operating license and face other penalties.
Symbio's website states: “Energy Freedom [sic] for all UK residants [sic] is our aim.”
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