Bright Energy announced it will exit the electricity supply market in Ireland and its customers will be transferred to Electric Ireland.
The Belfast-based firm has felt the increasing pressure of the energy crisis and said in a statement: “Wholesale energy prices have increased by 200% and, unfortunately, operating under the current conditions with no sign of market recovery is no longer a viable option for us.”
“We have now made the difficult decision to exit the energy market and we would like to take this opportunity to thank all of the amazing customers who joined us on an important green energy journey,” it continued.
Bright Energy, a 100% green energy company, was formed in 2020 through a partnership between fuel retailer Maxol and Evermore Energy, a company set up by Derry-born brothers Ciaran and Stephen Divine.
Bright Energy was an equal joint venture between the McMullan family that owns the fuel retailer Maxol and the Divine family which aimed to sell electricity to the domestic market in Northern Ireland and the Republic of Ireland.
The company enabled people to manage and pay for their energy by using a software platform and app. The initiative provided annual savings of up to 23% on an average annual household bill.
The Commission for Regulation of Utilities (CRU) received formal notification from Bright Energy of its intention to leave the market.
The CRU has initiated the Supplier of Last Resort procedure to ensure that customers’ electricity supply is not interrupted and that their consumer rights are protected.
This measure will ensure the company’s 1,300 remaining customers do not go without electricity.
“While the decision by Bright Energy to exit the supply market is regrettable, the Supplier of Last Resort process ensures that this will not negatively impact customers," said commissioner Aoife MacEvilly.
"There remain 15 electricity and eight gas suppliers in the domestic supply market. These provide a wide range of tariffs and choices for customers to suit their needs."
All Bright Energy customers automatically transferred to Electric Ireland yesterday for a minimum period of 20 business days.
Customers do not need to take any immediate action and their electricity supply will not be interrupted.
Electric Ireland will contact customers directly within five business days to offer customers a tariff to remain with them or provide these customers with the option of switching to another supplier after the minimum 20-business day period.
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