And...another supplier CNC (business energy this time but still significant) goes under.

  • 5 November 2021
  • 7 replies
  • 58 views

Userlevel 7
Badge +11
  • Rocket Scientist
  • 13652 replies

https://www.yourmoney.com/household-bills/cng-energy-crashes-out-of-energy-market/

CNG Energy crashes out of energy market

 

05/11/2021

The firm which supplied business customers with gas and electricity, and had been in business 27 years, is the sixth energy company to go into administration this week.

CNG Energy supplied about 41,000 non-domestic customers under the brand names CNG Energy Ltd and CNG Electricity Ltd.

A statement on the company’s website said: “After 27 years we are saddened to say CNG Energy Limited is ceasing to trade. Ofgem the energy regulator, is appointing a new supplier for CNG customers


7 replies

Userlevel 7
Badge +5

:( 

Userlevel 7
Badge +9

😪 it's so sad 

Badge +5

I am not so sure the current crisis caused its demise. It may have been the final straw. It made a £5m loss and had a deficit of £4.8m. There has been something happening long before the current situation. It went from a £337k credit balance to a £4.8m debit one in one year and that had nothing to do with today’s problems.It increased its gross sales dramatically yet made a loss on them. £51m owed to a parent company. It was part of a group. I suspect affected to an extent by the demise of commercial customers and acquiring the debt of another. I think, like most of those that have collapsed, whilst the energy cost today is blamed, the writing was already on the wall long before.

Userlevel 7
Badge +11

The reason I said it was significant was not related to why it went under but to the fact that it affected 41000 customers.

Covid, and bad debts will I’m sure have been instrumental, (either that or incompetence) - that’s for Ofgem and the administrators to ponder. 

Badge +5

But @woz will they ponder? CNG will have have a number of their customers going out of business. Other than their directors who received no remuneration they had no employees! They fed their holding company.

Userlevel 7
Badge +11

Quis custodiet ipsos custodes?

For the answer to will they ponder I can only refer you to page 58 of the license conditions gas (and  presumably similarly for electricity)

You know the answer as well as I,  incompetence is a bottomless pit (pardon the almost pun, read on) , and where you regulate your own incompetence you aren’t likely to raise a case or start an enquiry looking up your own bottom as it’s pretty obvious what’s up there.

Badge +5

Quis custodiet ipsos custodes?

For the answer to will they ponder I can only refer you to page 58 of the license conditions gas (and  presumably similarly for electricity)

You know the answer as well as I,  incompetence is a bottomless pit (pardon the almost pun, read on) , and where you regulate your own incompetence you aren’t likely to raise a case or start an enquiry looking up your own bottom as it’s pretty obvious what’s up there.

Sounds Local Government!

Reply