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Yep and who the hell would bid with no hedges coming over. Will YU renter the SOLR process because in my opinion a B2B specialist should get the book but this is OFGEM who seem to give everything to the big 6. 99% certain YU will not get a look in as the 100m turnover client book was profitable and would have been a good bolt on tripling YUs clients to over 60k and they have the infrastructure to handle it. But new contracts will be required so I expect a lot of interest in the SOLR for this book.therefore YU will be over looked by OFGEM as they seem to be driving the sector to the big 6 again which is terrible from an independent organisation taking away so much competition. Heads should roll at OFGEM
Either way YU will reap some clients and I do have my eye on MA energy.
Article from last night in cityam suggesting CnG Retail is next in line to seek SoLR. That's a lot of SMEs looking for a new supplier even after being assigned someone. CnG didn't get viable bids apparently.
hmmm another buy of mine today 1370 @ 218.66, showing as a sell!
So we have 50,000 B2B direct clients and 18 suppliers like good energy who has already found a new bulk supplier.
We are in very interesting times, the suspense is building as I feel we are about to have a major transformational period changing the landscape big time in the B2B energy supply area
CnG to leave wholesale gas supply market by end of Nov 2021... should be interesting now to see if their customers find alternatives or just fold
Agreed it was also very clear at the AJ Bell webinar NDAs had been signed and he talked about small and large acquisitions.
im with you sparky... you don't put a director in place with the specific experience unless you plan to utilise them... back in march they appointed Jason Prothero as Commercial & Digital Transformation Director.
as per RNS 23/03/21 - 'Jason will be responsible for driving digitalisation and automation to further enhance operational and commercial practices across the Group. He will also be part of a strengthened Executive Committee.
Jason joins from SSE Retail, now part of energy supply company OVO Energy, where he spent 15 years working in a variety of leadership positions. Most recently, Jason was Director of Technology & Transformation, following roles including Merger Integration Director, Director of Retail Transformation and Director of Business Design for NewCo, the business transformation programme undertaken by the company.
Jason brings a track record of successful project delivery, most recently involving the Ovo Energy acquisition of SSE Retail which completed in 2020 and where he led the consolidation of the two companies' IT systems.
The appointment follows the Group's trading update in January which reported Group performance coming in significantly ahead of expectations with strong sales momentum.
Bobby Kalar, Group Chief Executive Officer, Commented:
"We are delighted to welcome Jason who brings a wealth of expertise and a proven track record which will further strengthen our management team.'
We are constantly looking to drive innovation and transform the business utilities market and our new digital channels are already proving incredibly successful.
I look forward to working closely with Jason as we continue to develop new routes to market utilising new technologies and taking advantage of the significant growth opportunities in the market."
I do feel news is coming on an acquisition
had to get more... should shortly see it.... 5175 @ 216
In the domestic world we are heading back to the old days with maybe 10 suppliers.
Shell Energy got the 3 from last week...
CNG has an impact on 18 companies who supply gas to domestic. Apparently they have to very quickly find a new supplier
Nothing MKS. Also no SOLR for the 3 companies that folded last week, pure planet, Dali gas and another on I can’t remeber
What came from the Friday deadline? I've not seen anything. Has anyone else?
Also let’s to to the main issue here.
DOMESTIC and price cap is the big issue plaguing the sector CNG has been brought to it knees by the likes of Avro.
Smartest is B2B from what I can see not DOMESTIC a and it is due to people not understand there is a huge difference
Smartest are no CNG smartest are global
The risk here is that Smartest are also running a similar model to CNG and has had several supplier failures. Smartest are funding YU with credit in the millions, so need to be very careful.
Ther is a little more to BP and Glencore
Both had been heavily bailing out these companies and enough was enough, CNG main business is gas shipping to utility suppliers a few have gone bust and not paid bills and therefore strained CNG and Glencore refused the bail out / subsidies any longer.
So looks to me a combination of CNG not hedging with Glencore coupled with the likes of Symbio folding and not paying up
This give rise to a great opportunity
Would YU need to raise capital to fund ?
CNG are several businesses with the SME provider side only a small part 70m turnover against the larger shipping side 500m.
The shipping side has dragged the business down and now a Fire sale so cheap customer book on the supply side.
Glencore refused to bank roll anymore same with pure planet, loss making and BP refused to bank roll anymore
BK would obviously be tuned in. The full 40k would be awesome but even a slice would be good. Is it possible for the 40k to be shared? Either way, Yu is looking strong with cash, no debt, hedged wholesales etc so one way or the other you will have SMEs searching for energy contracts with fewer suppliers.
The article suggests more suppliers to collapse beforè end of October. These could also have SME contracts to be taken over. I really do see Yu as a winner from these circumstances. The Smartest deal is proving invaluable again.
Surprising to see though Pure Energy, backed by BP and CNG backed by Glencore, giving up. It seems the appetite from bigger players is not there for SMEs. This will play into the hands of Yu and Centrica I think.
https://news.sky.com/story/glencore-backed-cng-underpins-deepening-energy-crisis-as-it-seeks-bids-within-days-12433173
40,000 clients up for grabs , looks like people have not been paying on the shipping side and brought CNG to it knees, are YU looking to acquire that it a huge step up and would give YU a 60,000 client book up from 21000.
How much for 40,000 clients in a part of a distressed businesses up for sale ?