Last checked at 18 Apr 2016 07:00
18 April 2016
Yü Group PLC(the "Group")
Successful exit from Controlled Market Entry in respect of Half Hourly Meters
Yü Group PLC, the independent supplier of gas and electricity to the UK corporate sector, announces that its operating subsidiary has been informed by the relevant industry regulator, Gemserve, that it has been released from Controlled Market Entry ("CME") restrictions relating to half hourly ("HH") meter users, being typically larger companies and high energy users.
CME is a prerequisite for any new entrant intending to supply energy to customers. CME is a probationary period during which the energy supplier must prove that it has in place the appropriate systems and processes to deal with the complexities of the market and that it is able to operate without disruption to other market participants. During the CME period, the number of new meter points a supplier can take on each month is limited with an overall cap in place. The Group exited CME for Non-Half Hourly meter users, typically smaller SMEs, in March 2015.
The exit from CME in respect of HH meter users means that the Group is now fully authorised to supply high-usage electricity customers, allowing it to approach large corporates. This removes a significant regulatory constraint on the Group's growth and it can now begin a major sales drive into the half-hourly electricity market for larger companies and high energy users.
Bobby Kalar, Founder and CEO of Yü Group, said:
"The removal of this final regulatory hurdle combined with the proceeds from our recent placing, to provide the collateral to support our energy hedging policy, has placed us in a strong position to grow our business significantly.
"In a short space of time, we have established a firm foothold in the SME energy market and I believe we can repeat this success with larger corporate customers in the UK. Our goal is to position the Group as a service focused alternative to the Big Six - we welcome the opportunity with open arms and I look forward to challenging the established corporate energy suppliers."
For further information, please contact:
Yü Group PLC Bobby Kalar Nick Parker
| +44 (0) 115 975 8258
|
Shore Capital Bidhi Bhoma Edward Mansfield Anita Ghanekar | +44 (0) 20 7408 4090 |
Alma PR Josh Royston Hilary Buchanan John Coles |
+44 (0) 7780 901 979 +44 (0) 7515 805 218 +44 (0) 7836 273 660 |
Notes to Editors
Information on the Group
Yü Energy is an independent supplier of gas and electricity focused on servicing larger corporate and SME businesses throughout the UK. It has no involvement in the domestic retail market. The Group was founded by Bobby Kalar and is listed on the AIM market of the London Stock Exchange following a successful IPO in March 2016.