UK: Energy supplier goes bustgreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
UK electricity and gas supplier Independent Energy has shocked the markets by calling in receivers.
It is now expected to be the subject of takeover bids.
The Solihull-based company - which supplies more than a quarter of a million customers in the UK - began having billing problems in the spring.
UK energy regulator Ofgem said it was monitoring the situation closely and advised customers to take a meter reading immediately.
Ofgem promised there would be no immediate disconnection, but warned industrial and commercial customers to "check the terms of their contracts carefully".
Out of cash
In a statement, Independent Energy said it had "explored the available avenues to find a solution to the company's billing and cash collection problems and the consequent cash-flow pressures".
-- Jim McAteer (firstname.lastname@example.org), September 08, 2000
Now this has got to have a y2k connection.
-- Uncle Fred (email@example.com), September 08, 2000.
Started having billing problems in the spring? Sure sounds like y2k problems to me.
-- R2D2 (firstname.lastname@example.org), September 08, 2000.