Ofgem orders UK Energy Incubator Hub to provide financial information
Ofgem has issued UK Energy Incubator Hub with a provisional order, compelling the supplier to provide financial information relating to its activities.
UK Energy Incubator Hub now required to immediately provide the necessary information
If the energy firm fails to comply, the market regulator has warned further enforcement action could be taken – which could include UK Energy Incubator Hub being stripped of its domestic operating licence.
The company, formerly known as Euston Energy, serves approximately 4,000 customers and operates under two brands: Northumbria Energy and Neo Energy.
Soaring wholesale costs and the constraints of the consumer price cap has seen dozens of suppliers exit the market in the past six months.
This has resulted in Ofgem hiking the consumer price cap to nearly £2,000 per year, with households on the hook for billions of pounds to clean up carnage across the energy sector.
Since then, Ofgem has announced plans for hedging controls, alongside stronger licensing conditions for new suppliers as it looks to beef up its regulations.
Earlier this week, it announced it was investigating National Grid over potential breaches in maintenance rules.