On 18 August 2021, the Authority issued a Notice of Proposal to make a Final Order on Symbio Energy Limited (”Symbio”) under section 26 (1) and (2) of the Electricity Act 1989 (“the EA89”) and section 29 (1) and (2) of the Gas Act 1986 (“the GA89”).
The particular behaviour of concern giving rise to the proposed Final Order was that Symbio had refused to provide financial information requested by Ofgem under Standard Licence Condition ("SLC") 5. SLC 5 gives the Authority the power to request information from licensees.
The information was requested on 28 May 2021, pursuant to SLC 5 of Symbio’s Gas and Electricity supply licences.
We needed this information to assess Symbio’s compliance with SLC 4B – the “Financial Responsibility Principle”.
The aim of issuing a Notice of Proposal to make a Final Order was to ensure that Ofgem received the financial information requested to enable us to fully understand Symbio’s financial position.
As Symbio ceased trading on 29 September 2021, on 25 October 2021 the Authority took the decision not to proceed with issuing a Final Order.
Symbio’s customers have been transferred to E.ON Next under the Supplier of Last Resort (SoLR) process. If you would like any further information regarding the SoLR process and how this is being managed please see: Symbio Energy customers: Your questions on new supplier E.ON Next.