Business
Yü Group appointed as SOLR for Ampower's customers
Yü Group appointed as SOLR for Ampower's customers.
About this update from Yu Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5747R\n Yu Group PLC\n 08 November 2021\n \n \n \n \n Yü Group PLC\n \n \n \n \n \n (\"Yü Group\" or the \"Group\")\n \n \n \n \n \n Yü Group appointed as Supplier of Last Resort for Ampower's customers by Ofgem\n \n \n \n \n \n · \n Additional customer book will add scale and is immediately earnings enhancing \n \n \n · \n Customers already seamlessly integrated to Yü Group platform \n \n \n · \n Testament to strength of Yü Group and the robust systems and processes in place \n \n \n \n \n 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 Ampoweruk Ltd (\"Ampower\") and agreed to take on their electricity and gas customer book from Sunday 7 November.\n \n Ampower supplied 8,158 predominantly electricity business sites, increasing the Group's meter portfolio by 38%. Group revenues are forecasted to immediately increase by over £7.5 million per month. Earnings will be enhanced immediately. \n \n 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 Group is confident in its ability to retain a significant proportion of the Ampower business customer book, leading to substantial increase in forward contracted revenue.\n \n Yü Group has already integrated the new customers on to the Group's scalable platform; and certain industry processes will continue in the coming days to complete the transfer. The Group is in the process of contacting the customers impacted and will ensure they continue to receive an uninterrupted supply after Ampower ceased trading on 6 November 2021. \n \n In line with the SOLR process, certain costs incurred by Yü Group will be recovered through the established industry levy.\n \n Whilst Yü Group's focus will remain on serving the UK corporate sector, the Group has the necessary capability and experience to serve Ampower's very small number of domestic customers.\n \n The Group has already taken steps to hedge the increased customer demand forecasted in accordance with its robust trading risk mandate.\n \n Underlying trading remains strong as reported at t...