UK: Energy supplier goes bust : 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 (, September 08, 2000


Now this has got to have a y2k connection.

-- Uncle Fred (, September 08, 2000.

Started having billing problems in the spring? Sure sounds like y2k problems to me.

-- R2D2 (, September 08, 2000.

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