Yü Group PLC
("Yü Group" or the "Group")
Yü Group appointed as Supplier of Last Resort for Whoop Energy and Xcel Power Ltd customers by Ofgem
Yü Group PLC (AIM; YU.), the independent supplier of gas, electricity and water to the UK corporate sector, has been appointed by Ofgem as Supplier of Last Resort (SOLR) for Whoop Energy and Xcel Power Ltd (Xcel) and agreed to take on their electricity and gas customer books with immediate effect.
Whoop Energy supplied gas and electricity to 262 customer accounts, of which 212 were non-domestic SME customers and 50 domestic customers, across 401 meter points. Xcel supplied gas to 274 non-domestic customers.
Under Ofgem's SOLR process, business customers transfer to a new supplier on a flexible, "deemed", basis with a variable tariff reflective of current market conditions. The total contribution to Group revenues is expected to be approximately £150,000 per month.
In line with previous integrations, Yü Group will integrate these new customers on to the Group's scalable platform; and certain industry processes will continue in the coming days to complete the transfer.
Bobby Kalar, Group Chief Executive Officer, Commented:
"I am very pleased to welcome customers of Whoop Energy and Xcel to Yü Group. We have already commenced migration onto our scalable operating platform ensuring the smoothest transition possible.
The award from Ofgem is further testament to the strength of our business with our strong foundations, proven platform and robust hedging strategy. This follows the award and subsequent seamless integration of Ampower in November 2021 and we are proud to be working with Ofgem to ensure a stable supply of energy for UK businesses."
For further information, please contact:
Yü Group PLC
Bobby Kalar
Paul Rawson
+44 (0) 115 975 8258
SP Angel Corporate Finance LLP
Jeff Keating
Bruce Fraser
Caroline Rowe
+44 (0) 20 3470 0470
Tulchan Group
Giles Kernick
Olivia Peters
Oliver Norgate
+44 (0) 20 7353 4200
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
