The Australian Energy Regulator (AER) has initiated the Retailer of Last Resort process that will allow for the transfer of customers from electricity retailer Pooled Energy Pty Ltd and gas retailer Weston Energy Pty Ltd to ensure the continued supply of essential energy services to these customers.
The AER applied the market safeguard after both companies were suspended from wholesale energy markets for failing to comply with Australian Energy Market Operator (AEMO) requirements.
Weston Energy’s authorisation to trade in the gas markets was revoked from 6.00 am (0600hr) Australian Eastern Standard Time, Tuesday 24 May 2022, impacting around 400 large and medium size customers.
Pooled Energy’s authorisation to trade in the National Electricity Market will cease from midnight (0000hr) Australian Eastern Standard Time, Wednesday 25 May, impacting around 1300 customers across New South Wales.
Customers of both companies are not required to take any immediate action.
Under the Retailer of Last Resort process, customers will be transferred to major retailers such as AGL, ActewAGL, Origin Energy or EnergyAustralia, who will contact them directly to explain the new arrangements.
Customers are under no obligation to remain with their new retailer once they are transferred.
The AER is responsible for overseeing the national Retailer of Last Resort scheme.
The scheme is designed to ensure that in the event of retailer failure, arrangements are in place to ensure that customers continue to receive electricity and/or gas supply.
If an energy retailer fails, the AER has the power to transfer customers to a new retailer.