Electricity retailer Elysian Energy has been suspended from the national electricity market after being placed in voluntary administration, according to news reports on Friday.
The Australian Energy Market Operator (AEMO) confirmed Elysian Energy, the majority of whose customers are Victoria-based, had been suspended from the market, with insolvency experts Adrian Hunter and Robyn Erskine of Brooke Bird appointed as administrators.
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Elysian’s customers will be transferred to a different provider.
“Elysian Energy customers do not have to worry about their electricity being cut off during this transition,” Hunter said in a statement.
“We are working hand-in-hand with the Essential Services Commission, the Australian Energy Regulator and AEMO to ensure this is a smooth process for all the customers.”
The news comes three months after Elysian Energy urged its customers to find a new provider as rising wholesale costs were forcing them to double prices.
Customers received a letter from the service saying it has been absorbing massive wholesale power price hikes and that added costs for consumers will soon increase by at least 100 per cent.
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ReAmped Energy issued a similar message to its customers, saying it was in their best interests to switch providers to get a cheaper price.
At the time the Australian Energy Regulator raised benchmark prices for retailers, resulting in households receiving higher bills from July 1.
