Economy Energy Trading Limited - Notice of revocation of a gas shipper licence

Licence revocation

Publication date

Company

Industry sector

Generation and Wholesale Market

Licence type

Gas Shipper Licence

NOTICE OF REVOCATION OF A LICENCE PUSUANT TO SECTION 7A WITH REASONS PURSUANT TO SECTION 38A OF THE GAS ACT 1986

Notice of Revocation

Whereas

1.  Economy Energy Trading Limited (company registration number 07513319), having its registered office at 4 Hardman Square, Spinningfields, Manchester, M3 3EB, United Kingdom, is the holder of a Gas Shipper Licence (“the Licence”) granted or treated as granted under section 7A(2) of the Gas Act 1986 (“the Act”).

2.  Section 7B(3) of the Act provides that a licence granted or treated as granted under the Act may be revoked in accordance with any term contained in it. 

3.  Paragraph 1(e) of Schedule 2 of the Licence provides that the Gas and Electricity Markets Authority (the “Authority”) may at any time revoke the Licence on giving no less than 30 days’ notice to Economy Energy Trading Limited where it has ceased to carry out its business as a gas shipper; or shall not have commended business as a gas shipper within a period of 1 year from the date on which the licence takes effect.

4.  The licensee has not commenced business as a gas shipper within a period of 1 year from the date of the Licence coming into force.

Reasons for Decision

5.  The Authority has decided that the Licence should be revoked in accordance with paragraph 1(e)(ii) of Schedule 2 of the Licence because the Licensee has not commenced business as a gas shipper within a period of 1 year from the date on which the Licence took effect.

Therefore

6. The Authority hereby gives notice that, unless the Authority otherwise directs, the Licence will be revoked with effect from 27 July 2019.

The Official seal of the Gas and Electricity

Markets Authority here

affixed is authenticated by –

Lesley Nugent

Authorised in that

behalf by the Authority